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(Sharecast News) - Serabi Gold announced the renewal of its trial mining licence for the Coringa mine on Wednesday.
The AIM-traded firm said Brazil's National Mining Agency (ANM) granted a three-year extension to its trial mining licence (GU) for Coringa.
Under the renewed licence, Serabi would be permitted to transport up to 50,000 tonnes of ore annually from Coringa to be processed at the Palito Complex.
Additionally, the environmental agency, Secretaria de Estado de Meio Ambiente e Sustentabilidade (SEMAS), was currently evaluating the company's application for the installation licence for Coringa.
However, it had confirmed that Serabi Gold's trial mining operating licence (GUOL) remained active and valid.
With the renewal of the licence, Serabi said it would be able to proceed with plans to install a crusher and ore sorter at Coringa, with the latter expected to be operational by the fourth quarter of 2024.
That, the board said, would enhance the efficiency and productivity of the mining operations at the site.
"This is extremely welcome news, which our management and legal team have been working on tirelessly over the past months," said chief executive officer Mike Hodgson.
"The agreement reached in July with the indigenous communities has been a pivotal moment in permitting success at Coringa followed by a further agreement with all parties signed in December, and sanctioned by the court allowing the ANM and SEMAS to renew the existing licences."
Hodgson said the new GU would allow the company to continue its current operations, adding that it was permitted to install the planned crusher and ore sorter under it and the accompanying GUOL.
"Whilst the permit has an annual limitation of 50,000 tonnes of ore that can be transported per annum from the mine, this would be sufficient for 2024, whilst we now focus on completing the final steps to complete the full permitting at Coringa."
At 1537 GMT, shares in Serabi Gold were up 27.28% at 49.64p.
Reporting by Josh White for Sharecast.com.