Silver Mines Limited - Bowdens Silver Project Update - 5 December 2024
SVL (SVL) Share Update December 2024 Wednesday 4th
Silver Mines Secures Legislative Pathway for Bowdens Silver Project
Silver Mines Limited (ASX: SVL) has announced significant legislative changes that pave the way for the continuation of its Bowdens Silver Project, following a court decision that previously set aside its development consent.
Instant Summary:
- NSW Court of Appeal set aside Bowdens' development consent.
- New legislation received bipartisan support and Royal Assent.
- Planning Secretary empowered to declare project parts for planning approvals.
- Clear pathway established for Bowdens Silver Project development consent reinstatement.
Background and Legislative Changes
Silver Mines Limited faced a setback when the NSW Court of Appeal set aside the development consent for its Bowdens Silver Project. This decision was a significant hurdle for the company, as the project is considered a State Significant Development (SSD).
However, recent legislative amendments to the Environmental Planning and Assessment Act 1979 (NSW) have provided a new opportunity for the project. These amendments, supported across party lines in the NSW Parliament, have now become law following Royal Assent. The changes empower the Planning Secretary to determine which parts of a project are included in a single proposed development, aligning with the previous approach to SSD projects.
Pathway to Reinstatement
With the new laws in place, Silver Mines now has a clear path to work with the NSW Department of Planning, Housing and Infrastructure (DPHI) to seek reinstatement of the Bowdens Silver Project's development consent. The company is actively engaging with the DPHI and other government departments regarding its existing Development Application (DA).
Silver Mines has confirmed that the Bowdens DA remains active and has not been finally determined by the consent authority, the Independent Planning Commission (IPC). The new legislative framework will apply to any future assessments of the company's current DA.
Next Steps and Company Commitment
Silver Mines is committed to providing regular updates on the progress of reinstating the Bowdens Silver Project's development consent. The company's board of directors has authorized the release of this announcement to the ASX, underscoring their dedication to transparency and communication with investors.
The legislative changes represent a positive development for Silver Mines, potentially boosting investor confidence in the company's ability to proceed with the Bowdens Silver Project. The new legal framework provides a more stable environment for the project's planning and approval process, which could positively influence the company's stock price.
Investor Reaction:
Analysts are likely to view the legislative changes favorably, as they provide a clearer path forward for the Bowdens Silver Project. While some uncertainty remains regarding the final outcome of the development consent, the legislative support is a strong indicator of potential progress.
Conclusion:
Investors should watch for further updates from Silver Mines regarding the Bowdens Silver Project's development consent. The company's proactive approach and the legislative backing provide a promising outlook for the project's future.