5th Sep 2022 13:46
Caerus Mineral Resources PLC - copper miner in Cyprus - Says its subsidiary New Cyprus Copper is unable to renew AE4811 license at the Kalavasos project in Cyprus due to the country's ministry of defence rejecting the request. "The ministry of defence imposed a buffer zone around its military installations in the Kalavasos region," Caerus explains.
Says AE4811 is New Cyrus Copper's most important Kalavasos license without which exploration activity is not possible. London-based Caerus does not think a solution is achievable in the short term.
"The company notes that the ministry of defence has approved the issue of the Kalavasos East license AE4811 on three separate occasions within the last 12 years, most recently on June 15, 2021. As a result, the company has invested in surveying and sampling programmes on Kalavasos East AE4811 as well as paying annual rental fees to the Mines Service Department," Caerus says. Chief Executive Officer Charles Long adds that the authorities have a new board.
Current stock price: 2.75 pence, down 42% on Monday
12-month change: down 89%
By Tom Budszus; [email protected]
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