North River Resources a step closer at Namib project
North River Resources was celebrating a major milestone towards production at its Namib project in Namibia on Monday, having received a Notice of Preparedness to grant the mining licence from the country's Ministry of Mines and Energy.
FTSE AIM All-Share
737.93
17:04 11/11/24
Mining
11,022.94
17:14 11/11/24
North River Resources
2.75p
16:55 24/03/17
The AIM-quoted resources company said the mining licence was a critical step towards taking the Namib project towards an investment decision, and into construction.
Namibia's Minerals Act No. 33 of 1992 required the company to submit a written acceptance of the notice by 28 February 2016, otherwise the licence would be deemed to have lapsed.
The notice also contained a number of supplementary terms and conditions relating to matters including the work programme, production, environment and Namibian participation in the project that would apply to the mining licence.
"We are delighted to receive the notification of preparedness to grant the application for the Namib Mining Licence", said North River CEO James Beams.
"This represents an important first step towards the issue of the Mining Licence for Namib. We now look forward to defining and agreeing the final terms and conditions with all concerned stakeholders", he concluded.