RE: ARCM16 Jul 2024 20:46
LW
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From the RNS...
"Two of the three large mining licence applications submitted, in which the Company indirectly holds an interest in Zambia, were rejected namely mining licence application 33404-HQ-LML from Handa Resources Limited ("Handa") and mining licence application 33403-HQ-LML from Zaco Investments Limited ("Zaco") (the "Mining Licence Applications").
In addition, Large Scale Exploration license 23004-HQ-LEL from Zaco Investments Limited was marked as deferred pending an information request.
As the applications were validly submitted and validated by the Zambian Mining Cadastre, the Company has been advised that Handa and Zaco will be appealing the decision of the Mining Licence Committee to reject the Mining Licence Applications and are engaging with the Mining Cadastre to have the appeal heard as soon as possible so that the applications can be reinstated and/or considered positively in accordance with the law.
With the exception of the licence mentioned above, none of the Company's other licences are affected by the recent Mining Licence Committee Meeting review.
Anglo American, the Company's joint venture partner in Zambia, under the previously announced joint venture agreement, is currently mobilising for the planned exploration activities.
Commenting, Executive Chairman, Nick von Schirnding said "I am pleased that we have been able to provide some clarity to shareholders on steps to rectify the LML applications. I am also very pleased that we have had confirmation that our JV partner Anglo American has begun mobilising for the upcoming drilling programme. I look forward to updating shareholders on an exciting period ahead for activities in both Zambia and Botswana."
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.....So the Exploration licences are fine, BUT...
FOR SURE Anglo would want ALL these EL's upgraded to a FULL MINING LICENSE before spraying $90mil cash on them.