Copper Strike's (ASX: CSE) shares are trading 16.1% firmer in afternoon trade, following an announcement by Syrah Resources (ASX: SYR) that it has been granted a 25 year Mining Licence for the Balama Graphite and Vanadium Project from the Mozambique Government.
Copper Strike holds 11 million Syrah shares, and based on a last traded price of $2.80 - the stake is worth close to $31 million.
Syrah continues to move forward quickly at the project, and conversion of exploration facilities to accommodate construction has begun, while a significant portion of the mobile fleet for construction and mining has been purchased and is awaiting delivery.
Construction of the Balama Project will commence after the wet season ends in April 2014.
Syrah said that there are very few jurisdictions around the world that can boast a Mining Licence being granted so efficiently from time of application, which follows an earlier example where the company was allotted water rights from Chipembe Dam promptly after applying for those rights.
These facts illustrate that Mozambique is most definitely “open for business”.
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