The Mayoko Permit comprises the company’s 80% owned Mayoko iron ore project.
“I am pleased that the Mayoko Permit has been renewed for a further two years in accordance with the Mining Code,” said the company’s acting CEO, Joe Ariti.
The Mayoko Permit was granted on 3 April 2008 for an initial period of three years and can be renewed twice for further periods of two years. The renewal just announced is the first of the two permitted renewals.
Each renewal can include a reduction of the surface area of the Mayoko Permit of up to 50% of the then current surface area. However, African Iron has been granted an exemption from the requirement to relinquish up to 50% of the current surface area for this first renewal.
Ariti said that the exemption from the statutory requirement to relinquish up to 50% of the area is a vote of confidence by the Republic of Congo in African Iron’s professional approach to the evaluation and potential development of the project.