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IMC Exploration Group PLC on Monday said it has successfully renewed its mining licence to subsidiary Assat LLC for the Karaberd mine in Armenia. The Dublin-based exploration company said the licence has been renewed for a period of nine years until January 1, 2035. The company said the licence provides for underground extraction of 30,000 tonnes of ore per year. It also has a requirement to submit a reserve revaluation report two years after receiving the right to use the subsoil. It noted this should also include the reserves available in the open pit. Assat has the right to extract up to 1,274 kilograms of gold and 2,310 kilograms of silver under the renewed licence, noted IMC Exploration. The company said the renewal was awarded by the minister for Territorial Administration and Infrastructures of the Republic of Armenia through amendments to the original licence. IMC Exploration added that the extended tenure secures both the long-term future of the licence and enables the ‘systematic extraction of the ore that will be processed to extract gold and silver.’ Shares in IMC Exploration were up 20% at 0.63 pence on Monday afternoon in London. ‘After IMC first achieved its full listing on the main market of the LSE, its first target acquisition was to acquire the Karaberd mine and while we have had lengthy and varied issues to navigate along the way, as explained in previous announcements, the renewal of the Karaberd mine licence could not have come at a better time when gold and silver have hit record prices per ounce having recently surpassed $5,000 Au and $100 Ag respectively,’ said Chair Eamon O’Brien. ‘The renewal that went through a very rigorous regulatory assessment, including through the Armenian minister for Environment and four public hearings, also confirms the company’s good standing with the Armenian regulatory authorities.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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