Nyota Minerals (ASX, AIM: NYO) is a mineral exploration and development company dual listed on the AIM Market of the London Stock Exchange and the Australian Stock Exchange that is focused on the exploration and concurrent development of Tulu Kapi, its flagship project in Western Ethiopia.
The company is actively exploring several priority targets proximal to Tulu Kapi as well as regional gold targets in the northern blocks which Nyota believes have the potential to become future standalone projects.
Nyota Minerals’ (LON:NYO) Tulu Kapi gold project in Ethiopia has taken another step forward after the country's mining ministry confirmed its definitive feasibility study (DFS) met the requirements for a mining licence.
Nyota added that after talks with the ministry over the fiscal and legal aspects of the Tulu Kapi plans, both parties believe that they are close to finalising the terms for the issuance of a mining licence.
The company has also received an extension of its exploration licence, which it said means it can conclude preliminary preparations for the resettlement of people living within the proposed mining licence area and further exploration at Tulu Kapi to optimise the project.
This includes the Feeder Zone drill programme, where results are anticipated very shortly, it said.
Richard Chase, Nyota’s chief executive, added: "The Ethiopian Government's acknowledgement that our DFS and the ESIA [environmental and social impact assessment] comply with all requisite regulations for the issue of a mining licence means that we can now focus on negotiating the terms on which such a licence will be granted and raising the necessary funding.
“We are one step closer to developing Ethiopia's next gold mine."