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(Sharecast News) - Griffin Mining said in an update on Monday that it has secured a renewal of its mining licence for the Caijiaying Mine, extending the licence term through to 28 August 2054 and providing long-term regulatory certainty for the operation.
The AIM-traded firm said the renewed licence would run for 26 years, compared with the previous 16-year term, reflecting updated mineral resource estimates at the mine.
Griffin said the renewal guaranteed its long-term mineral rights across the entire Caijiaying Mine area, including production envelopes in zones II and III, the previously approved mining area and the full vertical mining boundary.
"I couldn't be happier for the company, the shareholders, the staff and contractors who were able to achieve this critical milestone," said chairman Mladen Ninkov.
"It is the company's continuing support of the Chinese regulatory authorities that engenders the goodwill towards Griffin, as good citizens of China, to obtain the necessary approvals to take the Caijiaying Mine to the next level."
Ninkov said the renewal was "a testament to the company's hard work and strong relationship with the relevant administrative authorities" and provides long-term regulatory certainty to continue developing Caijiaying "for decades to come."
At 1208 GMT, shares in Griffin Mining were up 1.08% at 281p.
Reporting by Josh White for Sharecast.com.
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