BlueBird Merchant Ventures Ltd (LSE:BMV) saw its shares tumble by as much as 25% in the opening hour of trade after it was revealed it had hit a stumbling block to its progress in South Korea.
Specifically, it faces delays in obtaining Mountain Temporary Use Permits (MTUP) for its Kochang and Gubong gold projects due to additional information and support requirements.
The company said it will offer environmental liability insurance and consult with the wider community to address concerns.
It is said these measures would likely be ‘well received’; however, at this point, Bluebird said it is unable to provide definitive guidance on what will happen next.
At 8.43am, the shares were changing hands for 1.59p, down 0.36p.