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Bluebird Merchant Ventures still confident on South Korea permits

"Bluebird is really a trailblazer in reinvigorating the mining industry. With said confidence management continues to be happy to support the project."

Gold and silver are present at the mines

Bluebird Merchant Ventures PLC (LON:BMV) has seen a delay in the schedule for permits to be granted to re-open two mines in Korea.

At Gubong, a central government panel will consider the application next month in what is a one-day process.

A permit for the other mine, Kochang, is still being assessed, with the delay caused by the interpretation of new legislation for mining in the event of natural disasters.

Bluebird and other groups lobbied the Ministry Interior and Safety for an official favourable interpretation, which was successful it said.

The fact its permit application reached central government highlights how important its projects are to the rejuvenation of South Korea’s mining industry, added the junior.

Due to the delays, however, Bluebird now needs to raise US$350,000 in additional working capital over the next twelve months, a sum that management and other investors have committed to meet through debt funding.

State mining group KORES has also agreed to push back payment of a drilling grant to coincide with the issue of the Kochang permit.

Colin Patterson, chief executive, said he was pleased with the support the company had received from the Korean authorities and how fast permitting has progressed.

“It is also encouraging that the authorities are looking to ensure that the various laws that govern mining are clear for all. 

"To my knowledge, our permit applications when successful will be the first permits to re-open a gold mine in two decades. 

“As such, Bluebird is really a trailblazer in reinvigorating the mining industry. With said confidence management continues to be happy to support the project."

Quick facts: Bluebird Merchant Ventures Ltd

Price: 4.25 GBX

Market: LSE
Market Cap: £15.89 m

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