Loading ...Court orders renew of Montagne d’Or concessions
Orea Mining (OREA: TSX) announced on Thursday that the French court ordered the renewal of the Montagne d’Or mining concessions within six months.
Located in French Guiana, the open pit gold mining project hosts Proven Mineral Reserves of 8.25 Mt at 1.99 g/t (530,000 oz) and Probable Mineral Reserves of 45.87 Mt at 1.50 g/t (2.2 Moz).
The Montagne d’Or joint-venture (owned 44.99% by Orea and 55.01% by Nord Gold SE) submitted renewal applications for a 25-year period for two core mining concessions in December 2016. In the absence of a decision from the Minister of Economy the JV filed proceedings in February and March 2019 in the Administrative Court of Cayenne in French Guiana to invalidate any implicit refusal.