Nyota Minerals Tulu Kapi exploration licence renewed
JOHANNESBURG (miningweekly.com) – East-African gold exploration and development company Nyota Minerals announced on Thursday that the Ethiopian Ministry of Mines had renewed its Tulu Kapi gold project’s exploration licence.
The renewal was based on a work programme submitted by Nyota in conjunction with its new development partner, the identity of which was yet to be made public. Nyota was currently negotiating the sale of a 75% interest in Nyoto Minerals (Ethiopia), which held the Tulu Kapi and proximal exploration licences, to the development partner.
Nyota said negotiations with the undisclosed company were progressing constructively, adding that documentation was in a near final form but remained subject to conditions precedent, as previously announced, and included the partner completing its fundraise.
Nyota expected to make an initial drawdown under the short-term secured loan facility, made available in support of the envisaged transaction, shortly.
"Confirmation of the approval of the Tulu Kapi exploration licence by the Ethiopian Ministry of Mines clearly demonstrates the continued goodwill of all parties to achieve a successful outcome to negotiations with our new development partner and the advancement of Tulu Kapi towards gold production,” Nyota CEO Richard Chase commented.
The renewal would be valid until May 26, 2014, prior to which a further renewal for one year could be applied for under existing Ethiopian legislation, the company said, explaining that the yearly renewal of licences in Ethiopia was subject to satisfactory performance during the past year and the approval of the work programme and budget for the next year.
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