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Alba Mineral Resources secures 5-year extension for Greenland graphite project

"We are grateful to the Government of Greenland for the continuing strong support they give to those of us operating in the mining sector in Greenland”

Greenland on globe
Alba's current tenure at Amitsoq now spans from 2018 to 2022

Alba Mineral Resources Plc (LON:ALBA) has confirmed that its licence for the Amitsoq project in Greenland has been extended for 5 years.

The explorer’s current tenure at Amitsoq now spans from 2018 to 2022.

It also noted that the authorities have confirmed that the spending obligations attached to 2018 have now been reduced to zero.

READ: Alba Mineral Resources further strengthens oil and gas expertise

"We are grateful to the Government of Greenland for the continuing strong support they give to those of us operating in the mining sector in Greenland,” said George Frangeskides, Alba’s executive chairman.

“The latest demonstration of that support, in recognition of a view that global conditions for mining exploration remain sub-optimal, is the Government's decision to apply a moratorium on exploration expenditure commitments for the duration of calendar year 2018 for all licences entering into year six or more of their term, which includes our Amitsoq licence."

Alba highlighted that additional metallurgical test work has confirmed that graphite material from Amitsoq can be used to produce a marketable grade concentrate.

Frangeskides added: “We have continued to push forward our work at Amitsoq, as shown by the completion of these latest positive testwork results. 

“The grant of a further five year licence term is a major development and reward for the significant work we have put into the Project over the past few years.  Aside from Amitsoq, we now have a strong portfolio of exploration assets in Greenland and we look forward to announcing our plans for this coming field season soon."

Quick facts: Alba Mineral Resources PLC

Price: 0.05 GBX

AIM:ALBA
Market: AIM
Market Cap: £1.9 m
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