Cora Gold Shares Surge 33% Following Mali’s Partial Lift of Mining Permit Moratorium
Cora Gold Ltd shares rose 33% following Mali’s government announcement to partially lift its moratorium on mining permits. Starting 15 March, applications for permit renewals and transitions will be processed. Cora aims to expedite developments for its Sanankoro Gold Project amid these changes.
Cora Gold Ltd (AIM:CORA) experienced a remarkable increase of 33% in its share price during early trading on Monday. This surge occurred following the announcement from the Malian government regarding the partial lifting of its moratorium on mining permits, which had been in effect since late 2022. The moratorium significantly constrained companies in the region by prohibiting new mining titles and transfers.
Beginning on 15 March, Mali’s mining authorities will resume processing applications for the renewal of permits, transitions from exploration to mining, and the transfer of existing operational permits. Nonetheless, it is important to note that the suspension on new mining titles and exploration permit transfers remains intact. This change represents a significant opportunity for Cora Gold, particularly in advancing its flagship Sanankoro Gold Project located in southern Mali, which had previously faced permitting delays.
With the completion of a permit re-drawing exercise, Cora Gold intends to submit an application for a mining permit that encompasses crucial sections of its Sanankoro license area. The company’s objective is to expedite the development of an open-pit oxide gold mine as promptly as possible. Cora’s stock rose to 4.13p, reflecting investor optimism about the project’s potential advancement.
The recent announcement by the Malian government regarding the partial lifting of the mining permit moratorium has greatly benefited Cora Gold, resulting in a 33% rise in share value. This decision allows for the initiation of crucial permit processes, enabling Cora Gold to advance its Sanankoro Gold Project. The company is focused on fast-tracking the development of its mining operations, indicating a positive outlook for its future.
Original Source: www.proactiveinvestors.co.uk
