logo-loader

East Star Resources reaffirms commitment to Kazakhstan

Published: 08:01 23 Mar 2022 GMT

Mining
East Star has four licences in the country

East Star Resources Plc (LSE:EST) said it remains committed to Kazakhstan and is keen to carry on doing business there.

The gold and copper explorer has four licences in the country, which is one of Russia’s closest allies, held in a joint venture with the Kazakh state mining company.

In a statement accompanying its latest final results, East Star said: “We believe equally now in doing business in Kazakhstan as we did when we first reviewed the prospectivity of the region.”

East Star added it accrued its projects due to the rich mineral endowment of the country and its relatively low level of exploration in comparison with other major mining jurisdictions with the added potential for significant discoveries using modern exploration methods.

Sandy Barblett, non-executive chairman, said: "2021 saw the company's shares being admitted to the London Stock Exchange Main Market. Shortly after the listing, we secured an agreement to acquire DVK, a company which has secured highly prospective licences in Kazakhstan - a country which has ideal conditions for mining.

“The board believes that 2022 will be a year of significant growth for the company as we look to advance our strategy and create value for shareholders.”

Losses for the period to end November 2021 were £421,000.

East Star resumed trading on the standard section of the main market in January after a reverse takeover of Discovery Ventures Kazakhstan Ltd.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

2 hours, 34 minutes ago