30th Oct 2015 07:42
LONDON (Alliance News) - North River Resources PLC Friday said it has failed to secure the mining licence for the Namib project in Namibia before the end of October as planned.
The news is a further blow to shareholders as the project has already faced previous delays, and it means the company will not be able to make a final investment decision for the project before the end of 2015.
The miner said talks with authorities "remain constructive and encouraging", but did not say when it expects to secure the licence or why the issuance of the licence has been delayed further.
On the basis of its recently secured fundraising to complete the first phase of development at the project, Friday was the last day that North River could secure the licence which would have enabled the company to make a construction decision before the end of the year - pushing the decision into 2016.
"In light of this the company is reviewing its strategy and timing to bring the project to a construction decision and expects to complete this review and provide a detailed announcement in the near-term," North River said in a statement.
The project was originally delayed in the first half of 2015 when a funding deal collapsed, pushing the timeline of the project back.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
NRRP.L