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Midnight Sun Mining’s shares plunged late Thursday after it reported that the Zambian government rejected the renewal of its exploration licence that holds the Kazhiba target at its flagship Solwezi project.
The Kazhiba project features the high-grade 22 Zone, located 10 kilometres from the western mine gate of First Quantum’s Kansanshi mine complex. This zone was discovered by follow up shallow drilling in 2012 over a subtle copper anomaly with thick overburden. One discovery hole intersected 11.3 metres of 5.71% copper near surface.
However, when Zambia’s mining licencing committee rejected the application in June, it did not deliver a formal notice to the company, and instead only published the decision on its website, Midnight Sun claimed. In addition, it said the ministry did not provide any explanation for the rejection, and even recently issued the licence area to a new entity.As a result, the company has now suspended operations at Kazhiba, but expects to explore options to defend its exploration rights.
France Dernières Nouvelles, France Actualités
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