Business
South Korean Update
South Korean Update.
About this update from Bluebird Mining Ventures Ltd.
[{"type":"text","content":"\n\nBluebird Merchant Ventures Ltd / EPIC: BMV.L / Market: FTSE / Sector: Mining\n10 July 2023\nBluebird Merchant Ventures Ltd ('Bluebird' or 'the Company')\nSouth Korean Update\n \nBluebird Merchant Ventures Ltd, a gold company primarily focused on bringing historic mines back into production, is pleased to provide an update on the Gubong Gold Mine (\"Gubong\") and Kochang Gold and Silver Mine (\"Kochang\") in South Korea. \n \nAs shareholders will be aware, the issuance of the Mountain Temporary Use Permits (\"MTUPs\"), small parcels of land needed to allow commencement of surface work at the two historic mines to stockpile ore, store equipment and machinery and for general logistic, are the last part of the legal requirements needed to commence bringing the historic high grade Gubong and Kochang mines back into production. The grant of these has taken far longer than anticipated, particularly in light of the fact that both projects have already received extraction licences. However, the Board, in tandem with its lawyers and planning consultants, remain positive that these will be granted, and the Company will be able to bring both Gubong and Kochang back into production. \n \nThe potential value of the two projects is clear, as highlighted in the Scoping Study. This was conducted on a USD 1,750 per oz gold price, and reported a post-tax NPV of USD 181 million, free cash of USD 50 million per annum, an IRR of 111% and a USD 630 per oz All in Sustaining Cost. The Board remains totally committed to achieving the grant of the respective licences.\n \nKochang:\nThe issuance of the MTUP at Kochang has been referred to the Board of Audit and Inspection, Korea ('BAI Korea'). The BAI, which is a constitutional agency established under the President, but retains an independent status in terms of its duties and functions, inspects the work performed by local government to ensure that they followed the correct processes and law. Their adjudication is mandated to take 60 days but this is not guaranteed. Since the Kochang licence has already been awarded an extraction licence by the Ministry of Mines, has the support from the local landowners and community and the submission covered all the legal requirements, the Company remains in a strong position. The Company's lawyers and pe...