Santana Minerals Ltd has announced it would not have its fast-track application completed by the end of month as originally planned.
The announcement had an impact on its share price on the Australian Stock Exchange.
Santana’s share price had dropped by more than 14% in the past five days.
The company said in a statement to the Australian stock exchange on Monday, it had received advice that key consultant reports will not be delivered on time to fulfil its planned submission by the end of this month.
Santana Minerals Ltd chief executive officer Damian Spring said while the delay was not what it had been planning, a few weeks to ensure the completeness of the submission ‘‘does not materially change our objectives or outcomes’’.
He said the overwhelmingly positive impact of the fast-track application has stretched the resources of expert consultants in servicing the requirements of participants.
The company had been hosting extensive community engagement sessions across Cromwell and Tarras with large interest from locals and businesses across the region.
Mr Spring said the community sessions had been successful, with most locals coming in to see what opportunities the company had to offer.
Some locals also inquired about impacts on the ecology, water systems and landscape, all of which are part of the company’s impact studies, some of which are still under way.
To ensure ecology, water, landscape and heritage studies were completed thoroughly, the company had announced it would be pushing back the application date but aimed to apply no later than the end of June. — APL
