Australian Rare Earths (ASX:AR3) received ministerial consent from the government of South Australia for the right to acquire a 100% interest in uranium rights and the transfer of the exploration license at an area of around 1,000 square kilometers, according to a Wednesday Australian bourse filing.
The regulatory approvals are for the firm's farm-in agreement with private minerals explorer Sheer Gold, the filing said.
The mining firm has the potential to fully acquire the sedimentary uranium rights in the area by spending up to AU$200,000 in exploration expenditures by September, the filing added.
It also received approval for its exploration program for environment protection and rehabilitation application for the license, per the filing.
It said it received all regulatory approvals to begin drilling at its Overland uranium project in South Australia in February.
The firm's shares fell 3% in recent trading on Wednesday.
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