Jangada Mines PLC – London-based resource company with assets in South America – Says it has been granted a trial mining licence by the Brazilian National Mining Agency for its fully-owned Pitombeiras project. Notes the licence allows 300,000 tonnes of ferrovanadium-bearing material to be extracted from Pitombeiras annually. Says extraction to be used to analyse the technical and economic aspects of the project.
Earlier in June, Jangada increased its measured and indicated resource estimate by 221% at Pitombeiras North and South mines in Ceara, Brazil. Plans to begin production of vanadium, titanium, and iron at the Pitombeiras project by 2022.
Executive Chair Brian McMaster says: “We are very pleased with the timely grant of the Pitombeiras Project [trial mining licence] within three months from submitting the application; another significant development milestone has been achieved. This outcome is a result of our solid development strategy and communication with local authorities about the quality of our project and the benefits to the local community and regional development. As we advance towards mineral resources expansion and updated preliminary economic assessment, the granted [trial mining licence] provides a fundamental section to our fast-track implementation path.”
Current stock price: 8.32 pence, down 0.4% on Monday afternoon
Year-to-date change: up 79%
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