PERTH (miningweekly.com) –Takeover target Cardinal Resources on Monday announced that the mining licence for its Namdini gold project, in Ghana, had received Sovereign Parliamentary Ratification.
“It is most pleasing to have the Minister for Lands and Natural Resources and the Minerals Commission of Ghana support our mining licence, which has led to the Sovereign Ratification of our mining licence by the Parliament of Ghana,” said Cardinal CEO and MD Archie Koimtsidis.
“This ratification and the recent issuing of the Environmental Protection Agency permit along with our Water Extraction permit and relocation action plan approval, places the Namdini gold project into an extremely secure and solid position for development.”
A feasibility study into the project estimated that it would produce some 4.2-million ounces of gold over a mine life of 15 years, with an estimated 1.1-million ounces expected over the first three years of the operation. Namdini is expected to cost $390-million to develop.
Cardinal is currently fielding two takeover offers, one from gold producer Nordgold, which is offering 66c in cash for each share held, and a 60c a share offer from Hong Kong-based Shandong Gold Mining.