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IN BRIEF: Serabi Gold shares surge as Coringa trial licence renewed

31st Jan 2024 11:36

Serabi Gold PLC - Brazil-focused gold mining and development company - National Mining Agency issues three-year renewal of Serabi's trial mining licence for its Coringa mine in north-central Brazil. New licence permits transportation of up to 50,000 tonnes of ore per year from Coringa for processing at Serabi's Palito Complex. Brazil's State Secretariat for Environment & Sustainability, or SEMAS, continues to analyse Serabi's application for the installation licence. Company is now permitted to install the planned crusher and ore sorter, expecting the latter to be operational by the fourth quarter. Serabi notes the agreement reached in July with the Bau indigenous territory's communities, which saw Kabu Institute and Mantino Indigenous Association representatives confirming their support for Coringa's long-term development.

Chief Executive Officer Mike Hodgson says: "This is extremely welcome news, which our management and legal team have been working on tirelessly over the past months. The agreement...with the indigenous communities has been a pivotal moment in permitting success at Coringa followed by a further agreement with all parties signed in December 2023 and sanctioned by the court allowing the ANM and SEMAS to renew the existing licences." Says transportation limit is "sufficient" for 2024, while Serabi focuses on completing final steps for full permitting.

Current stock price: 48.15 pence, up 23% on Wednesday

12-month change: up 28%

By Emma Curzon, Alliance News reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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