THE BOURSE WHISPERER: The ownership of the Mumbwa prospecting licence in Zambia (8589-HQ-LPL) has been transferred from BHP Billiton World Exploration Inc., a subsidiary company of BHP Billiton (ASX: BHP) to Blackthorn Resources (Zambia) Limited (BRZL).
BRZL is a wholly-owned subsidiary of ASX-listed company Blackthorn Resources (ASX: BTR).
This licence was initially granted in November 2007.
In Zambia, large-scale prospecting licences such as this are able to be renewed twice for a total of three two-year periods.
A seventh year is also allowable upon approval from the Director of Geological Survey.
Having finalised the transfer of the licence from BHP Billiton, BRZL has now submitted an application for the renewal of the licence for the seventh year, which is due to expire in November 2014.
BRZL also intends to apply for conversion of the prospecting licence to a Mining Licence at a later date.
“We are very pleased that the Mumbwa licence has now been successfully transferred to Blackthorn Resources (Zambia) Limited,” Blackthorn Resources managing director Scott Lowe said in the company’s announcement to the Australian Securities Exchange.
“The company enjoys a positive reputation with the Zambian Government having recently been granted renewal of some other licences without the need to relinquish ground.
“The Mumbwa licence has been successfully renewed on two previous occasions and we are confident that the application meets the requirements for renewal of the licence for a seventh year.”