Elemental shares rise on license approval

Shares in Elemental Minerals jumped by more than 10 per cent on the Australian Securities Exhange today, after the explorer announced it had won a mining licence for its Sintoukola potash project in the Republic of Congo.

Elemental said the mining licence was another key step in the permitting and approvals process for the Sintoukola project, which it hopes to bring into production by 2017.

At close of trade today, Elemental’s stock was up 4.5 cents, at 48.5 cents.

“This timely approval continues to demonstrate the support for the high quality Sintoukola potash project,” chief executive Iain Mcpherson said.

“The mining licence is another positive step in the development of the project and puts Elemental in a strong position to begin construction once our engineering and feasibility work is completed.

“It also emphasises the seriousness with which the Congo government is committed to the development of mining assets in the region.”