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.
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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.
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