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Lepidico - Industrial License Awarded for Abu Dhabi Free Zone

Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to announce that it has established an incorporated subsidiary, Lepidico Chemicals Manufacturing Ltd, in Abu Dhabi and a pre operations Industrial Licence has been awarded for the Phase 1 Project Chemical Plant site within the Khalifa Industrial Zone Abu Dhabi (KIZAD). This license is a precursor to a Musataha Agreement, which entitles its holder to construct a building or to invest in, mortgage, lease, sell, or purchase a plot of land belonging to a third party for a period of up to 50 years.

In June 2020 the Environmental Authority of Abu Dhabi advised that a Preliminary Environmental Review (PER) is required prior to a Musataha Agreement being considered. Site work for the PER will commence immediately with drilling for the soils and water sampling programs scheduled to be completed in September. Sampling and analysis will be done to British, Dutch, UAE, and US EPA standards as required by the Environmental Authority of Abu Dhabi. The PER and Environmental and Social Impact Assessment (ESIA) are scheduled to be completed by environmental consultant GHD in December 2020. As for the Karibib Operations, the Chemical Plant ESIA will be completed to Equator Principles and IFC environmental and social standards.

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