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Kazera Global PLC - diamonds and rare earths explorer in South Africa and Namibia - Granted mining permit for 60% owned subsidiary Whale Head Minerals Pty Ltd, which will allow for the start of heavy mineral sands production at the Walviskop mine in South Africa.
Permit grants company a five-year period to mine the deposit, wit the potential for further extensions.
Company expects to produce around 6,000 tonnes per month, achieving an estimated gross profit of $300,000 at current prices.
‘We are delighted with the latest developments at the Walviskop mine. The grant of the permit vindicates our confidence in South Africa's mining legislation and the way in which it is currently being implemented. We are now focused on commencing production of Heavy Mineral Sands from the Walviskop mine, in addition to enhanced diamond production rates. This development will have a substantial positive impact on the company's profitability and could also generate broader opportunities for Kazera in the Richtersveld,’ says Chief Executive Officer Dennis Edmonds.
Current stock price: 0.95 pence, up 5.6% on Wednesday
12-month change: down 36%
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