TIDMPAT
RNS Number : 6254U
Panthera Resources PLC
01 April 2019
01 April 2019
Panthera Resources Plc
("Panthera" or "the Company")
Update on Galaxy Partnership, Indian Mining Policy and Rajasthan
High Court Case
Panthera Resources plc (AIM: PAT), the gold exploration and
development company with assets in India and West Africa, is
pleased to provide an update on the Galaxy Partnership progress,
potential favorable changes to the Indian Mining legislation and
implication of the recently announced Indian elections.
Highlights
-- Galaxy has advised Panthera that the second payment due under
the Partnership Agreement by 31 March 2019 (see announcement dated
20 Dec. 2018) will be sent by the end of April 2019. This minor
delay is due to administration and process issues associated with
the Indian financial year end (31 March) for Galaxy.
-- Indian national elections were announced on 12 March and will
dominate political and bureaucratic activity in the country until
shortly after their completion on 19 May.
-- A new National Mineral Policy has been announced, which
articulates several relevant and positive proposed changes and
initiatives including:
o Seamless transition from Reconnaissance Permit to Prospecting
Licence
o Assured security of tenure along with transferability of
concessions
o Simpler, transparent, accountable and time bound procedures to
facilitate exploration
-- The date for the Company's next Rajasthan High Court hearing is 15 April.
Geoff Stanley, Panthera's Managing Director said "Over the last
several weeks I have participated in a series of positive meetings
in India with representatives of Galaxy and its partners. These
meetings have advanced our strategic planning for PL negotiations
and discussions regarding Galaxy's planned BSE listing and we are
confident in our partner's long term commitment to participating in
the advancement of the Bhukia JV project. These discussions have
been taking place against the backdrop of a likely progressive
improvement in the legislative outlook for the mining industry as
foreshadowed by the recently announced National Mineral Policy
2019."
New Mining Policy Announced
The Government of India recently released the National Mineral
Policy 2019 (NMP), which will be considered for implementation by
the Government of India (GoI) following the conclusion of the
national elections. The NMP has been under consideration for
several years and appears to address some key issue raised in
multiple forums by the Industry post the amendment of the Mining
Act in 2015. However, the extent and speed of implementation will
be critical factors in determining the impact on Panthera.
Some of the key proposals of the NMP are:
-- Procedures for grant of mineral concessions should be
transparent and seamless with an assured security of tenure along
with transferability of concessions playing a key role in mineral
sector development.
-- It speaks of attracting private investments in exploration
within the ambit of auction regime, through Right of First Refusal
at the time of auction or seamless transition from Reconnaissance
Permit to Prospecting Licence to Mining Lease or any other
appropriate incentive as per international practice.
-- The NMP also states that special attention would be given to
the prospecting and exploration of minerals in which the country
has a poor resource-cum-reserve base despite having the geological
potential for large resources. Energy critical minerals, fertilizer
minerals, precious metals and stones, strategic minerals and other
deep-seated minerals would be considered under this ambit.
-- Clearances for grant of tenements would be streamlined with
simpler, transparent, accountable and time bound procedures to
facilitate exploration in order to conform to the statutory
requirements especially for geologically complex deposits.
-- Merger and acquisitions of mining entities and transfer of
mining leases granted transparently will be encouraged by
introducing appropriate incentives in existing laws
Other elements of the Policy include:
-- Government will establish a Mining Tenement System (MTS)
which would primarily involve automating the entire concession
life-cycle
-- Baseline and mineral exploration data generated by various
government agencies as well as mineral concession holders will be
collated and maintained for open dissemination as a public
good.
-- Attracting foreign investment in the mining sector will be
encouraged by appropriate mechanism. A long-term export-import
policy for the mineral sector would provide stability and prove to
be an incentive for investing in large scale commercial mining
activity.
-- Special attention would be given to the protection and
welfare of those people affected by mining projects. A mechanism
will be evolved which would actually improve the living standards
of the affected population and ensure them a sustainable
income.
Indian Elections and the Writ Petition Hearings in the High
Court of Rajasthan, Jodhpur
Indian elections were announced on 12 March and will occur
between 11 April and 19 May. Because of the size of the Indian
democracy the elections are to be held in seven phases, with
results to be known on 23 May. Once elections are announced in
India, election rules prevent the incumbent government from
enacting any meaningful legislation or making significant
decisions, which has the effect of stalling progress on many
fronts.
While the Courts are not bound by these rules, it is unusual for
them to make major decisions in cases such as ours which involve
the Government. Our case is scheduled for 15 April and because it
falls during the period of the elections, it is reasonable to
expect that our case will be rescheduled for a date following the
elections. In the meantime, our very strong Stay Order remains in
place and protects the rights of the joint venture over the entire
area of the PL application.
Enquiries
Panthera Resources PLC
Geoff Stanley (CEO) +1 (917) 941 7704
Nominated Advisor and Broker
RFC Ambrian +44 (0) 20 3440 6800
Rob Adamson
Bhavesh Patel
Charlie Cryer
Market Abuse Regulation (MAR) Disclosure
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Regulation
596/2014.
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END
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