2nd Apr 2015 07:11
LONDON (Alliance News) - Avocet Mining PLC Thursday said it has been granted an exploitation permit, or mining licence, for its Tri-K project in north east Guinea and said it is contuing to try and find a partner to help advance the project.
The permit was awarded to the company's subsidiary, Wega Mining Guinea, after it made its application in September 2013. In the intervening period optimisation work has been carried out to reduce capital and operating expenditure significantly, said Avocet.
"As part of the company's business review, Avocet has been seeking appropriate partners for financing, developing and operating the project. These discussions are ongoing and will benefit from the granting of the exploitation permit," said the company in a statement.
Avocet is working to ensure that its financing and project development plans will allow it to start construction as early as possible in 2016.
Avocet share rose by 7.8% to 5.24 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
AVM.L