28th Jun 2019 11:10
(Alliance News) - Georgian Mining Corp on Friday slammed the Georgian government's failure to engage over its permit extension application in the country.
Georgian Mining has been trying to extend the exploration permit for the Kvemo Bolnisi East copper-gold projects in the Eurasian country. In the meantime, the company has been analysing data from the site.
"The last twelve months have undoubtedly been a challenging period for the company as we have continued to try to resolve the delay in being granted the exploration permit extension within our 30-year mining concession in Georgia," said Non-Executive Chair Nick O'Brien.
"This application has been in the hands of government since June 2018. A number of governmental changes have occurred which have hindered resolving the application, including a change in the prime minister and cabinet in mid-2018, delays in some new ministers commencing their roles, and the presidential elections later in the year," he continued.
"But regardless we continue to be successful in regularly engaging with senior levels of government, and in raising the profile of the company in the wider business community in Georgia."
On the financial front Georgian Mining's pretax loss in 2018 was GBP8.8 million, nearly quadruple the GBP2.4 million reported in 2017.
The company booked GBP213,265 of revenue, mainly from operational services, from none before.
Shares were 21% lower on Friday morning at 1.13 pence each.