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Bluebird Merchant Ventures Ltd said on Tuesday that Chief Executive Colin Patterson had ‘positive’ meetings in Seoul, South Korea regarding future mining projects.
The Virgin Islands-based gold development company announced in April that management would be returning to Korea for the first time since the pandemic.
Bluebird Merchant said that an area of the meetings' ‘key importance’ was to clarify the tenure of the mining permits.
The current extraction permits are valid for twenty years from the date of approval. To maintain the permits in good standing, Bluebird Merchant must demonstrate that it has spent the requisite minimum sum since the date of licence approval.
The company has now commenced the application process for a ‘Mountain Use’ permit to allow for necessary surface work required to facilitate underground mining.
The company added that it will be holding strategy meetings this week to review the outcome of the meetings and plan forward.
In the short to medium term, Bluebird Merchant will be determining staffing requirements in South Korea. It is currently in the process of appointing a more senior director.
Patterson said: ‘I am very encouraged by the various meetings that have taken place and we now have a much clearer understanding of the path ahead. The permitting process in South Korea is amongst the best that I have encountered in any country over the past forty years in the mining industry. ’
Bluebird Merchant was trading 2.3% lower in London on Tuesday midday at 2.15 pence.
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