JOHANNESBURG (miningweekly.com) – ASX-listed Manas Resources has reported good progress towards the development of its low-cost, 100%-owned Shambesai gold project, in Kyrgyzstan, saying on Tuesday that Prime Minister Jantoro Satybaldiev had publicly demonstrated his support for the project.
During a recent visit to the Batken district, in which the project was located, Satybaldiev stated that he expected the Shambesai local government to “support and fast-track” the “immediate” development of the prospective mine.
Manas said in a statement that the Prime Minister was joined in his support of Shambesai by local mayors, heads of districts and representatives of local authorities, who emphasised the importance of developing the mine as part of a structured support regime and Kyrgyzstan’s Socioeconomic Development Forecast for 2013 to 2015.
The structured support regime was the result of “positive” recommendations from the Parliamentary Committee hearing held in December, where development of the Shambesai project received support by members of Parliament.
Manas also announced on Tuesday that the State Agency for Geology and Minerals Resources had approved all work plans, budgets and licences for 2014 at the company’s 100%-owned mineral exploration licences, in Kyrgyzstan.
Included in the proposed work programmes was the reduction or relinquishment of areas considered less prospective for gold of economic significance in remote locations.
The company stated that the relinquishment of the Karavshin and Karabulak licences, as well as a reduction in the licence areas across a number of properties would allow Manas to reduce exploration expenditure commitments and concentrate on the development and exploration of the Shambesai gold project and its near-mine areas.
Meanwhile, Manas said that the submission of the Shambesai project’s OVOS, which was the Kyrgyz Republic equivalent of an environmental- and social-impact assessment, was imminent, stating that detailed mine and plant design was under way, with basic engineering of the plant having been completed and technical and safety approvals applied for.
Further, advanced discussions with banks and finance institutions continued in an attempt to secure financing for the Shambesai development.
“Manas is confident the continued improvement in the investment climate and central government support for the Shambesai gold project will allow Manas to finalise project financing in the near future,” the company said.