Griffin Mining shares surge as Chinese authorities accept licence application

The AIM-traded firm said that under current legislation, the MNR should provide its approval and issuance of the new mining licence within 40 days of the lodgment date, with a 10 day extension to that period in certain special situations.

It said that would formally acknowledge that the mining licence application had met all required conditions and passed the final examination and issuance process.

“It is with a great sense of joy and relief to be able to announce that our mining licence application has been accepted and is in compliance with regulatory provisions,” said Griffin’s chairman Mladen Ninkov.

“It is a particularly momentous day for our loyal shareholders who have patiently waited for this moment since we began the mining licence application process in 2013.

Ninkov explained that, over that time the company had experienced “repeated changes” of government legislation, which led to “complex” processes to redraft and re-start the application process on a number of occasions.

“I do not have to explain what this means for the company and our shareholders.

“I couldn't be happier for everyone involved with the company including the shareholders, directors, management, staff, contractors, local villagers and all those whose lives are touched by the operations.”

As at 1146 BST, shares in Griffin Mining had surged 28.98% to 99.96p.