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(Alliance News) - Alba Mineral Resources PLC on Friday said its subsidiary, Aurum Mineral Resources Ltd, has surrendered its Limerick prospecting licence to the Department of the Environment, Climate & Communications in Ireland.
The northern Europe-focused mineral explorer said there will be no financial consequences or penalities to the company or its subsidiary as a result of the surrender, adding that the licence has already been fully impaired in the company's accounts.
Alba explained that the Limerick licence has not been a key focus for the firm and, consequently, has no material impact on its business or outlook.
Instead, Alba said that the surrender frees up both its expenditure and manpower for its principal assets, namely its 100%-owned Welsh gold projects. This, it added, will help support the long-term growth of its investee firm GreenRoc Mining PLC, as well as other potential growth opportunities.
Shares in Alba were down 6.0% at 0.12 pence on Friday afternoon in London. Shares in GreenRoc were down 4.7% at 5.10 pence.
By Heather Rydings, Alliance News senior economics reporter
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