Global Atomic Corporation is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
Niger suspends granting of new mining rights. (Credit: Kefentse Molotsane on Unsplash)
Global Atomic Corporation (“Global Atomic” or the “Company”) (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is issuing this clarification notice to ease concerns raised by some of its shareholders about a recent announcement by the Mines Ministry in the Republic of Niger to suspend grants of new permits.
The original notification by the Mines Ministry addresses concerns, that not all the gold mined by the large number of small-scale artisanal miners in the country, is being legally declared to the government.
This announcement neither affects Global Atomic’s SOMIDA subsidiary, which operates the Dasa Mine, nor any other mines or development projects in the nation’s uranium mining sector. As previously reported the Dasa Mine mining permit was granted at the end of 2020 in accordance with Niger’s Mining Code and is not under review.
The following statement was subsequently issued in French by the country’s ruling party, the CNSP:
“The Niger government suspends the granting of new mining rights until further notice.
This decision follows the recent seizure at Addis Ababa airport of undeclared gold bullion worth tens of billions of CFA francs that was to be exported to Dubai.
In recent years, Niger has embarked on an ambitious policy of granting mining licenses, with 116 exploration licenses awarded between 2015 and 2020, representing 124 billion FCFA in potential investment.
This temporary suspension of new permits is intended to take stock of mining rights already granted, and to combat illegal trafficking of the country’s mineral resources.
This decision comes at a time when Niger is seeking to maximize the benefits of its mineral wealth for national development.”
In separate news, Global Atomic has received verbal confirmation of the renewal of exploration permits for the Adrar Emoles 3 (“AE3”) and Adrar Emoles 4 areas. The Dasa Mine operates in the AE3 property. The exploration permit renewals for the Tin Negoran areas are expected soon, pending the receipt of formal notice from the Mines Ministry.
The Company also announced the accelerated expiry provisions of the common share purchase warrants issued in connection with the December 2023 Private Placement have been activated. The warrants are exercisable at $3.00 per common share and now expire February 26, 2024, instead of December 22, 2024.
Source: Company Press Release