The Talga Group Ltd (ASX: TLG) share price is on the move today following a positive update from the company.
Earlier this afternoon, the technology minerals provider's shares were up 5.45% at $1.74 apiece. However, they have since fallen back and are currently up 1.52% at $1.68.
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Talga advances permit process on northern Swedish mine
In today's statement, Talga advised its environmental permit application for the Vittangi graphite project has progressed.
The significant milestone comes as the Swedish Land and Environment Court provided a preliminary timetable for the next steps. This includes a formal hearing for the development of a graphite mine and concentrator at the Nunasvaara South deposit.
Talga noted the "announcement follows rigorous scrutiny of submitted application documentation and extensive consultation with relevant authorities over several years".
Nonetheless, based on the court's schedule, the application needs to be submitted before 23 June 2022. A formal hearing is being planned for some time in the European autumn of 2022.
It's worth noting that this is the last step before the court hands down its verdict for the environmental permit application.
The initial Vittangi graphite project operation, fed from the Nunasvaara South mine, is aiming to produce 19,500 tonnes per annum of Talga's flagship battery anode product Talnode-C over 24 years.
Commenting on the news that appears to be boosting the Talga share price, managing director Mark Thompson said:
We are very pleased to attain this milestone in the permitting process for our integrated graphite mine-to-anode development in northern Sweden.
Now more than ever the need for secure, local and green graphite anode is critical for the building of lithium-ion battery value chains. Following years of diligent work and investment in the unique graphite source of Vittangi, we look forward with confidence to the Court's decision.
Talga share price summary
Since the beginning of the year, the Talga share price moved mostly sideways, posting a 3% gain for the period.
However, when looking at the last 12 months, its share price is up around 21%.
Based on today's price, Talga commands a market capitalisation of roughly $519.52 million.
