Base Resources Limited (LON:BSE, ASX:BSE) is boosted by comments made at a conference by a government official who said an extension to the Kwale Special Mining Lease (SML 23) has been approved.
The licence will be issued soon according to the comments by the Cabinet Secretary for the Ministry of Petroleum and Mining at a Kenyan Chamber of Mines conference, Base said in a statement.
The company added that it looks forward to shortly finalising the form of Deed of Variation that will give effect to the proposed extension, at which time a further update will be provided to the market.
It is expected that SML23 will incorporate the additional Kwale South Dune Mineral Resources that currently fall outside the licence footprint.