The All Ordinaries Index (ASX: XAO) is up 0.4% today, but ASX All Ords silver share Silver Mines Ltd (ASX: SVL) isn't joining in the rally.
Silver Mines shares closed yesterday trading for 23 cents. In morning trade on Tuesday, shares are changing hands for 22.2 cents apiece, down 3.5%.
But don't feel too bad for longer-term shareholders. Despite today's slide, the ASX All Ords silver share remains up 177.5% this year.
Here's what's happening today.
Image source: Getty Images
ASX All Ords silver share slides on project update
This morning, Silver Mines released an update on its stalled Development Application for the Bowdens Silver Project, located in New South Wales.
In August 2024, the NSW Court of Appeal voided the project's approval, upholding legal challenges based on environmental concerns and issues with the project's permit and planning process.
The ASX All Ords silver share said it has since "been working tirelessly" to prepare and finalise all the required information for the redetermination of the Bowdens Project.
In engaging with the NSW Department of Planning, Housing and Infrastructure planning approvals system, the miner said it has decided to refresh its ecological surveys and provide an updated biodiversity assessment for the project.
Silver Mines noted that the redetermination of the Bowdens Project Development Application remains subject to a changing regulatory landscape, much of which is beyond its own control, making it difficult to forecast a precise timeline.
What did management say?
Commenting on the project update that looks to be pressuring the ASX All Ords silver share today, Silver Mines managing director Jo Battershill said, "Since the court decision in August 2024, the company has remained strongly focused on advancing the redetermination of the Bowdens Project Development Application."
Battershill noted, "The overwhelming objective has been to achieve the most appropriate and lowest-risk outcome through the redetermination process."
He added:
The result of this has been for the company to agree to refreshing its ecological surveys and prepare an updated biodiversity assessment in accordance with the Biodiversity Conservation Act. While this approach extends the overall assessment timeframe, we believe it positions the Bowdens Project on a stronger footing for a successful and robust redetermination.
And Battershill assured investors that the company remains fully committed to developing this core asset.
He concluded:
The Bowdens Project remains a high-quality project of state and regional significance, and development of it remains our top priority. We remain confident in the underlying merits of the Bowdens Project and are fully committed to progressing it through the approvals process in a thorough and transparent manner.
