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Mining company Mustang Resources received from the Government the new mining concession on a crucial section of its Montepuez ruby project, Bernard Olivier, company Managing Director said.
Exploration licence 8245L was upgraded to mining concession 8955C and forms an integral part of the Montepuez project. The majority of the bulk sampling and pitting that has been conducted over the past seven months has taken place on this licence.
“The area covered by the new mining concession represents a crucial part of the deposit,” MD Bernard Olivier affirmed in a statement on Thursday.
The concession is valid for 25 years until December 2042. Mustang has three years to complete an environmental-impact assessment and associated land studies. Mine development has to start within 24 months after the grant of the environmental licence or the DUAT.source:miningweekly.com