Goldstone Resources Limited (LON: GRL) shares trading higher on Friday after the company announced that the Ghanaian Environmental Protection Agency has granted the environmental permit for the company’s Homase South Pit within the AKHM project.
The environmental permit is vital and required to allow the company to proceed towards the construction of the project, an achievement in the development of the AKHM project which will be the company's first mine in its highly prospective 83.24km2 total licensed area.
Goldstone said it now expects mining and construction operations at the project to commence imminently with an estimated timeline for the first gold pour to begin within two months.
The company will now make an application to the Ghanaian Environmental Protection Agency for the permit to be expanded to cover the extended mining lease in respect of AKHM, including the Homase North and Homase Central pits.
“We have been eagerly awaiting receipt of this permit so that we can start construction and mining. The permitting process has taken approximately six months longer than what we initially anticipated, but we are delighted to now be in a position to commence the next stage of operations at the AKHM Project,” said Emma Priestley Goldstone CEO.
Goldstone’s stock price is trading at 12.2p per share, +17%, after closing Thursday's session at 10.4p.
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Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.