Posted on April 12, 2016
Odyssey Marine Exploration, Inc. (Nasdaq: OMEX) was informed that the recent decision by the Mexican Secretary of Environment and Natural Resources (SEMARNAT) regarding the “Don Diego” dredging and phosphate sand extraction project resulted in a denial of the application for an environmental license as presented.
“While the denial was obviously a very disappointing outcome, after an extensive review of SEMARNAT’s decision, we are impressed by the thorough process which included over 16,000 pages of submissions from our team with more than 2,700 subsections and responses to more than 90 specific questions posed by SEMARNAT scientists and technicians,” commented Mark Gordon, Odyssey president and chief executive officer. “We are pleased that taking into consideration the large number of potential environmental impacts that were evaluated, the denial was focused only on a single issue, the potential impact of dredging operations on sea turtles, which we believe was based on misinformation.
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