LONDON (Alliance News) - Ortac Resources Ltd Monday welcomed a decision in its favour from the District Environmental Office in Ziar nad Hronom in Slovakia.
Shares in Ortac were up 27% at 0.04 pence Monday morning following the news.
A regional court has dismissed an appeal from a local non-governmental organisation and local municipality lodged against the District Environmental Office in relation to the approval of an underground mining application Ortac submitted in 2014.
Further judicial proceedings in respect to a decision made by the Central Mining Bureau for the same application are currently underway, Ortac said, and a decision is expected in due course.
Ortac has also been advised by its lawyers that it has recently been cleared to proceed with a surface mining application, which had been held up by the actions of local opposition groups.
"It is sometimes necessary for exploration and development companies to navigate local opposition to new projects. With such a backdrop, it is extremely promising to see the regional court rule in favour of the environmental office, but it is even more encouraging to see that the application submitted by the company has passed such rigorous scrutiny by both the environmental office and the regional courts," said Chief Executive Officer Vassilios Carellas.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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