1st Feb 2016 09:56
LONDON (Alliance News) - North River Resources PLC Monday said it had received a notice of preparedness to grant a mining licence for its Namib lead-zinc project from the Ministry of Mines and Energy.
The company said it is required to submit a written acceptance of this notice by February 28; acceptance of the notice will trigger a further 60 day period during which it must submit a proposal on local ownership of the project, participation by historically disadvantaged Namibians in management of the project and its social responsibility strategy to the ministry.
North River said will make further announcements in due course in relation to the licence application and progress on the ongoing work programme at the site.
"We are delighted to receive the notification of preparedness to grant the application for the Namib Mining Licence. This represents an important first step towards the issue of the Mining Licence for Namib. We now look forward to defining and agreeing the final terms and conditions with all concerned stakeholders," said Chief Executive Office James Beams in a statement.
Shares in North River were up 23% at 0.0800 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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