RE: this just appeared on bloomberg11 Jul 2018 10:25
Griffin Mining Limited ("Griffin" or the "Company") is delighted to announce that the Company's Chinese operating subsidiary, Hebei HuaAo Mining Industry Co Ltd ("Hebei HuaAo") has completed the most important phase in the granting of the new mining licence over Zone II of the Caijiaying Zinc-Gold Mine ("Zone II"). On 11th July 2018 a legally binding contract was signed with the Hebei Department of Land and Mineral Resources, as authorised by the Beijing Ministry of Natural Resources, pursuant to the Interim Administrative Regulation for Proceeds Collection from the Transfer of Mineral Rights (2017). Hebei HuaAo has become the first company to proceed under this newly promulgated regulation governing the transfer and conversion of mining tenements. Hebei HuaAo will now be entitled to conduct mining activities in Zone II and will be prioritized in its final documentation approvals for the conversion of the exploration licence over Zone II into a mining licence in compliance with relevant national policies.
Chairman of the Company, Mr. Mladen Ninkov, commented "the Chinese legal framework in the mining sector has changed substantially over the last twenty years since Griffin acquired and developed the Caijiaying Zinc-Gold Mine. Over the last five years, whilst we have actively pursued the new mining licence, the relevant regulations have changed several times resulting in substantial delays in the final licencing application. We are delighted to say that we have finally been able to see the light at the end of this very long tunnel. Stay tuned."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").
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