Cora Gold shares increased by 33% after the Malian government partially lifted a moratorium on mining permits. Effective 15 March, applications for permit renewals and transitions will be processed, although new mining titles remain suspended. Cora aims to expedite the development of its Sanankoro Gold Project following this announcement, with its stock reaching 4.13p.
Cora Gold Ltd (AIM:CORA) experienced a significant increase, with shares surging 33% during early trading on Monday, following the announcement from the Malian government regarding a partial lift of its moratorium on mining permits. This moratorium, originally enforced in late 2022, had halted the issuance of new mining titles and transfers, resulting in considerable uncertainty for companies operating in Mali.
Beginning on 15 March, Mali’s mining authorities will resume processing applications for permit renewals, transitions from exploration to mining, and transfers of existing operating permits. However, the suspension on issuing new mining titles and exploring permit transfers will remain intact, thus limiting full operational capabilities.
This development marks a pivotal moment for Cora Gold, as its flagship Sanankoro Gold Project in southern Mali had previously been stagnant due to permitting issues. Having completed a re-drawing exercise of permits, Cora intends to apply for a mining permit that will cover essential segments of its Sanankoro licence area, with the objective of expediting the development of an open-pit oxide gold mine.
As a result of this positive news, Cora Gold’s stock advanced by 1.3p, settling at 4.13p.
Cora Gold has witnessed a remarkable 33% increase in its share price following the Malian government’s decision to partially lift the moratorium on mining permits. The company is poised to apply for crucial mining permits that will accelerate the development of its Sanankoro Gold Project. These developments signify a promising prospect for Cora Gold and the mining industry in Mali, despite the ongoing restrictions on new mining titles.
Original Source: www.proactiveinvestors.co.uk
