Pacific Rim Cobalt has received approval for the registration of the Cyclops nickel-cobalt project licence in the Directorate General of Minerals and Coal, and the Ministry of Energy and Mineral Resources of the Republic of Indonesia.
The approval has been granted by the OMBUDSMAN of the Republic of Indonesia.
Spread across an area of 5,000ha, the Cyclops nickel-cobalt project is located in Papua Province.
A key asset of the company, the project has more than 850 historical drill holes and a number of test-pits, with production and environmental permits in place.
Pacific Rim noted that the nickel-cobalt project license will be transferred into a foreign investment licence. It will be administered by the central government.
The license will fully comply with the standard of the Minister of Energy and Mineral Resources No. 11 of 2018 with respect to the procedure for the licences granting and reporting of business activities.
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Pacific Rim Cobalt CEO Ranjeet Sundher said: “2019 was a pivotal year for us, and we’re pleased to carry this momentum into 2020.
“Obtaining approval from Indonesia’s OMBUDSMAN is an important step toward our goal of securing strategic partnerships and participating in Asia’s growing battery metals supply chain.”
Last year, the company carried out an exploration and development programme at the Cyclops project site. Drilling results revealed that the area hosts significant nickel mineralisation.
According to the company, bench-scale scoping tests returned positive results for nickel-rich material processing at the site.
Pacific Rim said that the nickel-cobalt project is environmentally permitted with access throughout the entire year.