Business
Update re Mankayan Project
Update re Mankayan Project.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4550X Bezant Resources PLC 21 February 2017 \n\n21 February 2017\n \nBezant Resources Plc\n(\"Bezant\" or the \"Company\")\n \nNotification from DENR re Possible Cancellation of Mankayan Project's MPSA\nBezant (AIM: BZT), the AIM quoted mineral exploration and development company, announces that on 20 February 2017 its associate, Crescent Mining and Development Corporation (\"CMDC\"), received formal notice from the Philippines' Department of Environment and Natural Resources (\"DENR\") regarding Mineral Production Sharing Agreement (\"MPSA\") (No. 057-96-CAR), held by CMDC, in respect of the Group's Mankayan Copper-Gold Project in the Philippines (the \"Mankayan Project\"). \n \nThe notification received from DENR states, inter alia, that the DENR deems the Mankayan Project to be situated within a \"watershed area\", being an area which falls under the Mining Act of 1995, and is therefore subject to possible cancellation by the DENR unless, as requested, CMDC can demonstrate why this should not be the case.\n \nBezant's Board understands that the notification received from the DENR forms part of the potential cancellation of a total of approximately 75 MPSAs that are allegedly located within watershed areas. Aside from the potential cancellation of such MPSAs, the DENR has already revoked the contracts of approximately 25 mining companies in the Philippines during 2017 to date. CMDC has been requested, pursuant to the notification, to demonstrate why its MPSA should not be cancelled pursuant to, inter alia, DENR's mandate, the Mining Act and other existing applicable laws, rules and regulations that protect watersheds and their ecological services. \n \nWhilst the Board notes that the group's Mankayan Project was fully impaired during its financial year ended 30 June 2016, in light of the uncertainty and perceived political risk in the Philippines, CMDC will, in due course, be providing a response to the DENR.\n \nA further update(s) will be made in due course as and when appropriate. \n \nEd Nealon, Chairman of Bezant, commented: \n\"We are clearly disappointed by the DENR's notification with respect to the potential cancellation of CMDC's MPSA alongside the 74 other affected MPSAs. We believe that the DENR has acted without appropriate authority and are further disapp...