(Alliance News) - Georgian Mining Corp said Monday it has changed its name to Empire Metals Ltd to reflect its developing growth strategy outside Georgia.
Shares in the gold-copper exploration and development company were trading 10% lower in London at 1.30 pence each on Monday.
The mining company said its growth strategy is "anticipated to incorporate investing in and advancing projects in new jurisdictions alongside the development of its current project, the Bolnisi copper and gold project in Georgia."
Trading under the new name Empire Metals will commence on London AIM market with effect from Tuesday, the company noted.
Georgian Mining has been trying to extend the exploration permit for the Kvemo Bolnisi East copper-gold projects in the Eurasian country.
At the end of January, the company had said its 50%-owned joint venture Georgian Copper & Gold JSC secured the tenure at Kvemo Bolnisi East and Dambludi, "two key deposits".
However, Georgia's National Agency of Mines had said it seeks to return Kvemo Bolnisi West, Tsitel Sopeli and Balichi to the state.
Neil O'Brien, chair, said: "Notwithstanding this progress, shareholders will be aware that the company has faced numerous challenges in Georgia over the past 18 months and as a result the board has been actively evaluating new assets through which to add value to our portfolio of interests in the near term."
"Today's name change is intended to reflect our objective of de-risking our growth strategy by diversifying away from a single jurisdiction investment through the addition of projects in new geographies which combine both exceptional mineralised terranes with attractive investment environments," O'Brien said.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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