Astron (ASX:ATR) said the Victorian Government has approved the work plan for the construction and operation of the Donald rare earths and mineral sands project located in the Wimmera region of Victoria, according to a Wednesday Australian bourse filing.
The work plan outlines the proposed mining and processing activities, assesses environmental and public risks, and includes a risk management and monitoring plan, the filing added.
The approval marks the final major regulatory approval required to allow the construction and operation of phase 1 of the Donald project to proceed.
The company said it has drafted an independent technical expert's report and received interest from potential financiers while it waited for the approval. It also completed pre-production drilling for mine planning while it waited for approval.
The company expects the progression to a final investment decision this calendar year. The key prerequisite to the decision is securing appropriate project financing arrangements satisfactory to the joint venturers of the project.
The company's shares rose nearly 43% in recent Wednesday trade.
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