PERTH (miningweekly.com) – The Zambian Minister of Mines and Mineral Development has refused ASX-listed Argonaut Resources’ appeal against the grant of a new licence over the Lumwana West area, in North-Western province in Zambia.
The Zambian High Court in February ordered Minister Paul Kabuswe to decide an appeal by Argonaut subsidiary Mwombezhi Resources against the cancellation of the Lumwana West licence and the regrant of the licence to a newly registered company.
The order came two months after the High Court suspended both the cancellation of the licence and the grant of the new licence over the area.
Argonaut on Wednesday told shareholders that the company was now considering Kabuswe’s refusal of the appeal, noting that the appeals process was only the first of three forms of relief available to the company under the Zambian Mining Act.
The second process is an appeal of the Minister’s decision to the Mining Tribunal.
Argonaut is hoping to have the Lumwana West exploration reinstated to the company. The company has been drilling the Nuyngu copper/cobalt deposit, at Lumwana West, since 2011.