Plateau Energy Metals (TSXV: PLU) has lost its appeal to overturn a decision by the Instituto Geolgico Minero y Metalrgico (INGEMMET) to cancel 32 of its 149 concessions in Peru. INGEMMET is an agency under Peru's Ministry of Energy and Mines (MINEM).
The 32 concessions represent 231 sq. km, or less than 25%, of Plateau's 930-sq.-km land package in Peru. Of the 32 concessions, one affects the Falchani lithium project, six have an impact on the Macusani uranium project, and the remaining 25 concessions cover exploratory grounds.
INGEMMET's decision to cancel the 32 concessions stemmed from the timing of payment of concession fees. The company says the issue arose from administrative delays and errors related to MINEM incorrectly applying penalties to the company for underspending on work commitments at the concessions in question.
The company launched an appeal ...
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