Shares of Alba Mineral Resources (LON: ALBA) have plunged Monday after the company said its application for an environmental permit has been rejected by Natural Resources Wales (NRW).
Alba applied for the permit to allow treated mine water from the Llechfraith Shaft to discharge into the Afon Cwm-llechen (River Cwm-Llechen).
The AIM-listed company said the decision to refuse the permit application is based on NRW's assessment of the potential environmental impact and that it has not been demonstrated that the discharge would not have an ‘adverse effect' on the local protected wildlife.
“The company is disappointed by this outcome and considers that the scheme it has presented presents no adverse impact upon the environment including protected species,” said Alba.
“The company and its environmental and ecological consultants will be considering the reasons given by NRW in greater detail in the coming days and considering the grounds to appeal the decision.”
Alba's share price is currently down over 20% at 0.1512p, putting it down over 73% for the year-to-date.
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