Explorer hopeful of resolution to Georgia permit delay
London-listed Georgian Mining is still waiting for Georgia to grant it an exploration permit extension, although chairperson Neil O’Brien said on Thursday that recent changes in the government provided some basis for optimism that a solution could be on the horizon.
“There would appear to be a stark contradiction between the treatment of the company in respect of our exploration permit extension, and government's wish to increase foreign direct investment and expand the resources sector,” he said, slamming the more-than-a-year wait for a permit extension as “wholly unacceptable”.
While the situation under new Prime Minister Giorgi Gakharia remains unpredictable, the company is hopeful that a resolution can be found.
“. . . we continue to explore all avenues for resolving the application and to engage with senior government officials and other influential parties to try to solicit an outcome.”
Gakharia earlier this month succeeded Mamuka Bakhtadze, who stepped down as Prime Minister after little more than a year, saying he had accomplished what he set out to do.
In terms of costs, the Georgian Mining directors and executive staff have not received any compensation for their efforts on behalf of the company since May 2018, and this situation continued.
The board concluded in May last year that it would write off directors’ fees, with the exception of the CEO, who wrote off part of his fees.
Georgian Mining’s share price has been under pressure since the permit delay was announced last year, with the stock now trading at 1.39p a share, compared with 14.75p a share at the start of May last year.
The company along with its 50% joint venture partner, Caucasian Mining Group, operates on the prolific Tethyan Belt, a well-known geological region and host to many high-grade copper/gold deposits and producing mines.
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