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(Alliance News) - Rockfire Resources PLC on Tuesday said a decision has been made by the Minister for Mining in Papua New Guinea not to renew its Nakru licence.
The copper and gold-focused miner said this licence, which has been under ministerial review since September 2017, was the only licence retained in Papua New Guinea by Rockfire.
In reaching this conclusion, the Minister noted that the AIM-listed company has held the tenement for five renewal periods but no resources have been identified.
Looking ahead, Rockfire said it will continue to focus on its 100%-owned and "highly-promising" Australian gold and copper projects in Queensland.
"Today's announcement signifies the group's exit from Papua New Guinea, a process which began almost two years ago under the direction of the then new management team, with the objective of focusing on more favourable jurisdictions and prospects that, the directors believe, can be more readily advanced to a JORC resource," said Rockfire chief Executive David Price.
Rockfire shares were trading 3.3% lower on Tuesday in London at 0.65 pence each.
