The Namosi Joint Venture has pulled out of Special Prospecting Licence 1420 in Namosi.
The company says this is due to the non-approval of its application to renew the licence, which expired in August 2023.
They say the application to renew the licence was lodged with the Director of Mineral Resources in February 2023, and was processed with recommendations made to the Minister for Lands and Mineral Resources to endorse the renewal in July 2023.
The company adds that the application has remained in the Minister’s office to date.
It says the Joint Venture partners were forced to make the decision due to the length of time taken, which has created significant uncertainty.
The company says the renewal of the Special Prospecting Licence is a critical component in providing the certainty needed to determine how best to advance the project.
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