Richland Resources (LON:RLD) updated on the progress of its new mining licence for its tanzanite operation.
The document is currently awaiting a final signature from the relevant Tanzanian minister, who is currently overseas but who is expected to arrive back in the African country later this week.
As reported earlier in May, the firm reached an accord with the Tanzanian government that will see the new licence issued on a joint venture basis.
A letter of intent has been signed that will see 50% of the new licence transferred to STAMICO, the mining arm of the Tanzanian Government.
Richland has not been given an estimated date of when the licence will be signed, but will update the market as soon as there are any further developments, it said.
Following the update, broker RFC Ambrian said: "This announcement, in conjunction with our discussions with management, continues to emphasis the same message: that management is confident it will receive the licence, the formalities of which are being done in ‘Tanzania Time’.
"We support the new deal struck with STAMICO and we can see many benefits from its involvement."