Georgian Mining Corp. said Jan. 11 that it is awaiting final approval for an exploration permit for its Bolnisi project after the Georgian government "finally" considered it in a cabinet meeting at the end of December 2018.
The gold and copper exploration company, listed on the London Stock Exchange's AIM segment, said in October 2018 that the process of acquiring the permit had "taken a major step forward" with the endorsement of Georgian Minister of Economy George Kobulia.
The process of acquiring approval has been hampered by changes to the Georgian government following the resignation of the prime minister in June 2018, which resulted in the appointment of a new cabinet. Although the previous minister of economy had endorsed the company's application, the new minister still needed to sign off on it before a government resolution could be circulated and approved.
"During the meeting there were minor points for clarification raised with the Mining Agency, which were satisfactorily addressed and we are now awaiting the final approval," Georgian Mining CEO Mike Struthers said. "It is our understanding that all of the ministries have responded positively and there continues to be strong support for the application."
Georgian's shares had fallen almost 7% to 6.00 pence per share by late-afternoon trading in London.
The company's joint venture with JSC Georgian Copper & Gold holds a 30-year mining concession for Bolnisi, valid until October 2041, but must still obtain government approval for multiyear exploration work programs and budgets to receive permits.