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Bluebird Merchant Ventures receives permit to reopen Korean gold mine

In four decades in the mining industry I have never seen a permit issued so quickly to allow a mine to enter the production phase - chief executive Colin Patterson

Bluebird Merchant Ventures Ltd wins permit for Gubong gold mine

Bluebird Merchant Ventures Ltd (LON:BMV) has been granted the permit to develop the Gubong gold mine in South Korea.

This is the first permit to be issued for a gold development project in the country since Ivanhoe Mines in the 1990s.

“This is a transformational event for Bluebird with approvals being granted that set us on course to become a gold producer,” said chief executive Colin Patterson.

“In four decades in the mining industry I have never seen a permit issued so quickly to allow a mine to enter the production phase.”

He noted that the elevated gold price “highlights just how much more attractive it is to reopen old mines compared to exploring for and developing new mines”.

In July Bluebird prepared to start drilling at its Kochang mine in Korea, after receiving confirmation of a grant from local mining group KORES

Shares in the company were up 7% to 2.53p on Tuesday morning.

Quick facts: Bluebird Merchant Ventures Ltd

Price: 1.75 GBX

LSE:BMV
Market: LSE
Market Cap: £6.46 m
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Morning Report: Bluebird Merchant Ventures receives permit to develop...

Headlines from the Proactive UK newsroom. Bluebird Merchant Ventures (LON:BMV) has received a 'Permit to Develop' the Kochang mine in Korea. Gold production will start next year with the potential for annual output to rise to 30,000oz of gold over three years. Ariana Resources (LON:AAU)...

on 17/12/19

2 min read