Cora Gold Ltd shares surged by 33% after the Malian government announced a partial lifting of its mining permit moratorium. This change allows the company to progress its Sanankoro Gold Project. Cora aims to expedite the permitting process for a key mining permit, intending to develop an open-pit oxide gold mine soon.
Cora Gold Ltd (AIM:CORA) experienced a notable increase in its shares, rising by 33% during early trading on Monday. This surge follows an announcement by the Malian government regarding the partial lifting of its moratorium on mining permits. The moratorium, initiated in late 2022, had halted the issuance of new mining titles and transfers, leading to significant uncertainty for operating companies in Mali.
Beginning 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 ban on new titles and exploration permit transfers remains in effect. This development presents a critical opportunity for Cora Gold, particularly regarding its flagship Sanankoro Gold Project located in southern Mali, which had faced delays due to the permitting standstill.
With the completion of a permit re-drawing initiative, Cora Gold intends to apply for a mining permit that encompasses vital areas of its Sanankoro licence sector. The company’s goal is to expedite the progress of establishing an open-pit oxide gold mine as swiftly as possible. Following the news, Cora’s stock price rose to 4.13p, an increase of 1.3p.
The 33% increase in Cora Gold’s shares highlights the significance of the Malian government’s decision to partially lift its moratorium on mining permits. This pivotal change allows Cora Gold to advance with its Sanankoro Gold Project and potentially expedite the development of an open-pit gold mine, enhancing confidence in the company’s future growth and operational prospects in Mali.
Original Source: www.proactiveinvestors.co.uk
