AIM-listed East African gold exploration and development company Nyota Minerals has moved a step closer towards developing mining operations at the company's flagship Tulu Kapi Gold Project.
In a statement issued by the company on Thursday, Nyota disclosed that the Ethiopian Ministry of Mines had completed its review of a feasibility study for the development of the Tulu Kapi Gold Project and had confirmed in writing that it complied with all regulations and satisfied the requirements for the issuance of a large scale mining licence.
The company stated that it and the Ministry believed they were close to finalising the terms for the issuance of a Mining Licence. With this in mind, Nyota said that the Ministry had extended the company's exploration licence.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Nyota Chief Executive Officer Richard Chase said: "The Ethiopian government's acknowledgement that our DFS [Definitive Feasibility Study] and the ESIA [Environmental and Social Impact Assessment] comply with all requisite regulations for the issue of a mining licence means that we can now focus on negotiating the terms on which such a licence will be granted and raising the necessary funding. We are one step closer to developing Ethiopia's next gold mine."
Nyota Minerals' share price was up 6.03% to 3.87p at 12:03 on Thursday.
MF
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
