Nyota Minerals step closer to mining at Tula Kapi Gold Project

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.

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.

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

Recommended

Three sustainable stocks that are doing well by doing good
Share tips

Three sustainable stocks that are doing well by doing good

Professional investor Peter Michaelis of the Liontrust Sustainable Investment Team picks three stocks to buy that are helping to create a cleaner, saf…
26 Jul 2021
Share tips of the week – 23 July
Share tips

Share tips of the week – 23 July

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Jul 2021
Will Zoom’s $15bn purchase help it expand?
Tech stocks

Will Zoom’s $15bn purchase help it expand?

The videoconferencing platform became a household name during the pandemic, but it now needs new sources of growth. Alex Rankine reports
23 Jul 2021
Philip Morris goes “beyond nicotine”
Stocks and shares

Philip Morris goes “beyond nicotine”

US tobacco giant Philip Morris International has agreed to pay £1bn for British inhaler specialist Vectura.
23 Jul 2021

Most Popular

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Why the UK's 2.5% inflation is a big deal
Inflation

Why the UK's 2.5% inflation is a big deal

After years of inflation being a financial-assets problem, it is now an “ordinary things” problem too, says Merryn Somerset Webb. But central banks st…
16 Jul 2021
Commodity supercycle or not, here’s a metal that’ll still be in demand – tin
Industrial metals

Commodity supercycle or not, here’s a metal that’ll still be in demand – tin

Commodity prices may have come off the boil recently. But for tin, the only way is up. Dominic Frisby picks the best ways to invest.
7 Jul 2021