Lindian says Guinea projects unaffected by licence cancellations; Volt and Arrow in trading halt
ASX-listed Lindian Resources on Monday confirmed that its bauxite assets in Guinea have not been impacted by the military government’s reported cancellation of 51 mining licences.
The company said it understood the cancellations formed part of an initiative by the Guinean government to reclaim underused or inactive concessions.
“The company continues to maintain strong relationships with the government of Guinea and is progressing its bauxite projects in-country,” said executive chairperson Robert Martin in a statement.
Meanwhile, Volt Resources and Arrow Minerals entered trading halts on Monday, pending announcements related to “media reports regarding Guinea mineral exploration tenements".
Volt, which is primarily focused on graphite projects in Ukraine and Tanzania, last year ceased further expenditure on its Guinea gold assets and impaired their carrying value. The company’s Guinean tenements are held through subsidiaries KB Gold and Novo Mines.
Arrow holds interests in the early-stage Simandou North iron-ore project, located in Guinea’s premium iron belt, and the Niagara bauxite project, situated about 100 km from the Simandou railway corridor.
According to newswire Reuters, Guinea's military ruler Mamady Doumbouya signed the repossession decree last week, covering bauxite, gold, diamond, graphite and iron concessions.
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