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Caledonia is an African focused mining and exploration company with an operating gold mine in Zimbabwe, a copper-cobalt exploration project in Zambia and two platinum-nickel exploration projects in South Africa. Caledonia is listed on the TSX (CAL), and on AIM (CMCL) and its shares are traded on the NASDAQ-OTCQX (CALVF).
Caledonia Mining expects further discussion with Zambian authorities over Nama licencesSeptember 24 2012, 8:11am
Caledonia Mining Corporation (LON:CMCL, CVE:CAL) has been told by the Zambian authorities it must meet a number of conditions in order to continue holding the mining licence covering the company’s Nama base metals project.
According to a letter from the Zambian Mines Development Department the company is currently not complying with certain requirements governing the licences it holds. It has been asked to give a written assurance it will remedy the situation.
The letter calls for commencement of cobalt production by the end of June next year and the submission of an updated copper sulphide ore reserve statement by the same date.
The authorities also expect “copper sulphide resource exploitation” by the end of March 2105 as well as regular technical progress on how the company will treat cobalt ore.
The letter was written following “written representations” and a direct meeting with the Zambian Minister of Mines, Energy and Water Development and other officials from the department in May.
Caledonia said this morning: “The principal issue of concern for the Zambian authorities was the timing of the commencement of mining activities on the lands covered by the licences.”
It added: “Caledonia expects that further discussions with the department may be necessary to clarify the precise terms of the conditions, which largely reflect Caledonia's representations to the department in response to the May notification.
“Caledonia intends to comply with the conditions set out in the letter and believes at this time that its proposed course of action will do so.”