Cora Gold Ltd’s shares surged by 33% after the Malian government partially lifted a moratorium on mining permits. The lifting allows for the processing of renewals and transfers but maintains restrictions on new titles. This change positions Cora to advance its Sanankoro Gold Project and expedite mining permit applications.
Cora Gold Ltd experienced a significant increase in its shares, rising by 33% during early trading on Monday. This surge followed 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 had caused disruptions in new mining titles and transfers, creating uncertainty for the companies operating in Mali.
Beginning on 15 March, Mali’s mining authorities will commence processing applications for the renewal of permits, the transition from exploration to mining, and the transfer of existing operating permits. However, it is important to note that the moratorium on new mining titles and exploration permit transfers will remain untouched.
For Cora Gold, this development is a significant turning point. The company’s flagship Sanankoro Gold Project, situated in southern Mali, had previously faced delays in permitting processes. With the completion of a permit re-drawing exercise, Cora is prepared to pursue a mining permit that encompasses crucial parts of its Sanankoro licence area, with the intention of expediting the construction of an open-pit oxide gold mine at the earliest opportunity.
The company’s stock reflected this positive outlook, appreciating by 1.3p to reach a value of 4.13p.
In summary, Cora Gold Ltd has seen a 33% rise in share value following the Malian government’s partial lifting of its mining permit moratorium. This shift allows the company to advance its flagship Sanankoro Gold Project, paving the way for renewed applications for permits. Cora aims to fast-track the development of an essential mining operation, demonstrating the positive impact of governmental policy changes on mining sectors.
Original Source: www.proactiveinvestors.co.uk
