Bluebird Mining Ventures (LSE:BMV) shares fell 12% in early trading following news of a project delay and the departure of its CEO.
The company confirmed that the decision on a mining permit for its South Korean Kochang Gold and Silver Mine has been pushed back to Q2 2025 due to 'slow bureaucracy'. While lawyers maintain there are no legal barriers to approval, the wait has caused uncertainty.
In the same announcement, it emerged Colin Patterson has stepped down from the CEO role for family reasons.
Meanwhile, the company’s Philippines joint venture partner has renewed the Batangas Gold Project licence, keeping its strategy on track.
Bluebird insists its 1.8-million-ounce gold portfolio is undervalued, especially with gold nearing $3,000 per ounce, and is exploring ways to unlock shareholder value.
The shares were down 0.074p at 0.53p.