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(Alliance News) - Bluebird Merchant Ventures Ltd said on Tuesday it has received confirmation that the "Permit to Develop" the Gubong mine has been granted.
Bluebird expects to receive the formal permit soon and will update the market in due course. The "Permit to Develop" is the first to be issued for a gold development project since Ivanhoe Mines was issued a permit in the 1990s, Bluebird said.
"This is a transformational event for Bluebird with approvals being granted that set us on course to become a gold producer. In four decades in the mining industry I have never seen a permit issued so quickly to allow a mine to enter the production phase," said Bluebird Chief Executive Colin Patterson.
He continued: "This is very positive for the company and also for the future of the South Korean mining industry. With the gold price rising this highlights just how much more attractive it is to reopen old mines compared to exploring for and developing new mines."
Shares in Bluebird were up 6.8% at 2.53 pence in London on Tuesday.