Discovery Silver submits Cordeo impact assessment
2023-08-31 11:30 ET - News Release
Mr. Tony Makuch reports
DISCOVERY ANNOUNCES THE SUBMISSION OF ITS ENVIRONMENTAL IMPACT ASSESSMENT FOR ITS CORDERO PROJECT
Discovery Silver Corp. has formally submitted for evaluation its environmental impact assessment (manifestacion de impacto ambiental (MIA)) for its Cordeo silver project located in Chihuahua state, Mexico. The submission was made to Secretaria de Medio Ambiente y Recursos Naturales ("SEMARNAT"), the federal government agency responsible for evaluating MIA submissions. The MIA is one of the principal permits required for the development of Cordero and encapsulates extensive social and environmental work programs completed by the Company's team in Mexico since 2020 in parallel with multiple reviews by third-party consultants.
Tony Makuch, CEO, states: "The submission of our MIA represents a major milestone for the Company. The submission is supported by comprehensive environmental and social baseline assessment work and outlines detailed plans for the responsible and sustainable development of the Cordero Project.
The Project is expected to have significant positive direct and indirect socioeconomic impacts within Mexico at local, regional and national levels with an expected peak local workforce of over 1,000 employees, direct tax revenues of approximately US$1.2 billion and over US$4 billion of expected goods and services purchased locally within Mexico over its 18-year mine life as per our Preliminary Feasibility Study. We look forward to working with SEMARNAT through the permitting review process to demonstrate our full compliance with Mexican regulatory requirements alongside our overarching commitment to meet the highest industry standards for environmental protection, social responsibility and health and safety."
CIMA Consultores Ambientales ("CIMA"), an experienced Mexico-based environmental permitting consultant, was the principal author of the MIA submission. The MIA incorporated environment and social evaluation baseline studies completed by CIMA and Vinfidem Consultants respectively, with data collected through the 2021 - 2022 period. A third-party review of the Company's sustainability practices was also completed by Environmental Resources Management, Inc. ("ERM"), a global expert in environmental, health, safety, risk and social issues. Ausenco Engineering Canada Inc. ("Ausenco"), AGP Mining Consultants Inc., Knight Piesold Ltd., WSP Global Inc. and Blue Coast Research Ltd. also provided input in key technical areas.
The Company has demonstrated a proactive approach to date to its sustainability practices as demonstrated by the recent receipt of the prestigious Socially Responsible Enterprise (Empresa Socialmente Responsable) (ESR) distinction from the Mexican Centre for Philanthropy (Centro Mexicana para la Filantropia) (CEMEFI) and the Great Place to Work Certification, an internationally recognized program awarded to companies that create an outstanding employee experience. The Company looks forward to building on these efforts through expanded social programs during development and operations and to realizing the sustainable benefits that come with a sizeable work force of over 1,000 employees during the construction phase and long-term direct employment of 900 people when the phase two expansion is complete. It is anticipated that a large majority of employees will come from local communities in the Parral municipality given an already significant mining industry presence in the region and the existence of a mining-focused technical university located in the town of Parral.
The development and operation of Cordero will also create significant long-term business opportunities for local, regional and national service providers and suppliers at what will be one of the largest mining projects in Mexico. In total there will be an expected US$4 billion of goods and services purchased locally within Mexico over the life of the mine. This will provide the opportunity to expand supply chains for critical strategic minerals in Mexico with the potential for sizeable volumes of long-term base metals concentrate supplies for Mexican smelters. In addition, the Project is expected to contribute more than US$1.2 billion in direct mining taxes and royalties to the Mexican government. Combined, these benefits create a strong basis for government support of long-term investment for the responsible development of Cordero to the benefit of all stakeholders.
The Company is also committed to employing global best practice standards for the management of its environmental programs over the life of the project. A reflection of this commitment is the recent receipt of the Environmental Quality Certification issued by the Federal Attorneys for Environmental Protection (PROFEPA) in recognition of the Company's compliance with the National Environmental Audit Program. For Project operations, tailings storage facilities have been designed in adherence with the Global Industry Standard on Tailings Management requirements. Responsible water use has also been a key area of focus with the use of treated wastewater from local municipalities currently under evaluation. This is expected to result in minimal reliance on groundwater sources. A detailed closure and reclamation plan designed by CIMA in conjunction with technical input from Ausenco, Knight Piesold Ltd. and WSP Global Inc. was also included with the submission.
Further information on the Company's current Environment, Social and Governance ("ESG") practices and priorities going forward can be found in its 2022 ESG report: Discovery Silver ESG report
Further information on the technical aspects of the Cordero project can be found in the Company's Preliminary Feasibility Study issued in January 2023: Cordero PFS
About Discovery
Discovery's flagship project is its 100%-owned Cordero project, one of the world's largest silver deposits. The PFS completed in January 2023 demonstrates that Cordero has the potential to be developed into a highly capital efficient mine that offers the combination of margin, size and scalability. Cordero is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico.
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