trending Market Intelligence /marketintelligence/en/news-insights/trending/vyYAuFgrEhK-RwBlkobzng2 content esgSubNav
In This List

State government refuses to renew GBM Gold's Bendigo mining licenses in Victoria

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


State government refuses to renew GBM Gold's Bendigo mining licenses in Victoria

GBM Gold Ltd. said Aug. 21 that it is considering appealing a refusal by the Earth Resources department of Victoria, Australia, to renew the Bendigo mining licenses MIN5344, MIN5364 and MIN4878, which are owned by the company's Kralcopic subsidiary.

According to the company, the government is not convinced that the unit would be able to finance the proposed work and rehabilitation requirements. The decision not to renew the licenses came during the completion of a A$6.7 million fully underwritten rights issue.

GBM Gold said the underwriter reaffirmed that it would arrange funding.

The decision by the government forced GBM Gold and its joint venture partner to stop operations at the project, which involve mining and processing the sand in the Kangaroo Flat Coarse sand dam. The company said the wash plant to recover the contained gold and sulfides was increasing output up to full production, and the future of the project "is now in extreme doubt."

The company said its plan to develop a 60-megawatt solar project on the company's freehold land at the north of Bendigo is not affected.