Morien Receives Positive Environmental Assessment Decision for Black Point Quarry, Nova Scotia
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Morien Resources Corp. has received positive environmental assessment decisions for the Black Point Quarry in Guysborough County, Nova Scotia, from Nova Scotia’s provincial Minister of Environment, the Honourable Margaret Miller, and Canada’s federal Minister of Environment and Climate Change, The Honourable Catherine McKenna.
“After considering the report of the agency on the designated project and the implementation of mitigation measures that I consider appropriate, I have determined that the designated project is not likely to cause significant adverse environmental effects referred to in subsection 5(1) of the Canadian Environmental Assessment Act, 2012,” said Catherine McKenna, minister of environment and climate change of Canada.
Similarly the provincial minister stated that she was satisfied that any adverse effects or significant environmental effects of the undertaking can be adequately mitigated through compliance with terms and conditions accompanying the decision. The full decisions and related documents can be viewed at the Canadian Environmental Assessment Agency website and the Nova Scotia Environment website.
The provincial and federal environmental assessment approvals provide the terms and conditions for the development of a granite aggregate quarry and marine terminal along the southern shore of Chedabucto Bay in Guysborough County, Nova Scotia, for export via ocean going vessels, to the U.S. Eastern Seaboard and Caribbean markets. Vulcan Materials Company, the United States’ largest producer of construction aggregates, purchased Morien’s rights to Black Point in Q2 2014 for $1,800,000, and a royalty stream payable on all material sold from Black Point over the estimated 50-year life of the project. Upon commencement of aggregate production, the production royalty payable to Morien is projected to provide annual revenues between $100,000 and $750,000.
About Morien
Morien is a Canadian mining exploration and development company, focused on unique mineral industry opportunities in North America with a portfolio of long-life royalty assets and a strong cash position. Morien has 54,766,114 issued and outstanding common shares and a fully diluted position of 60,160,342.
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