The fundamental stipulations of the Code are the ones referring to the separation of the operation of mines from the operation of quarries, the possibility to grant exploitation rights even in the absence of an approval from the owner of the mining land, separation of the status of authorizations (mining title
, concession, exploitation permit granted by the state) from the status of the mine police, which depends on the local authority (supervision, protection of goods and people etc.).
The Company also argues that the regulatory action of the Colombian state represents an unlawful expropriation of the Company's investment, since the reduction of the accessible area of the mining title
destroyed the value of the investment.
To date, Alufer has completed the Project BFS, the Social and Environmental Impact Assessment ("SEIA") and in September 2013, it was granted the Exploitation Licence (Mining Title
) for Bel Air Mining Ltd.
and industrial licence applications are being prepared for submission in January 2014.
To control the activity, the state requires two general requisites of mining operations: a mining title
or mining concession (Law 685 of 2001 art.
The joint venture comprises the exploration, development and mining rights to a 386-hectare area within the company's mining title
in the Segovia-Remedios mining district in Antioquia, Colombia.
'Baobab is also very pleased to announce the approval of the environmental scoping report which, coupled with the completed Pre-Feasibility Study, forms the core documentation for a mining title
At its high-grade Segovia Operations, gold production in February amounted to 15,248 ounces with 96% of the months production coming from the Companys Providencia, El Silencio and Sandra K mines and the remainder from the smaller miners operating under contract within the Companys mining title
. The Company processed an average of 965 tonnes per day in February with an overall average head grade of 17.4 g/t.
that it has completed satisfactory due diligence on the Mina Reyna Mining Title
, granting the Company the exclusive right to purchase this strategic tenement during an 18-month period via the executed binding Option Agreements with tenement vendors - Colorado S.A., Reina Adela Calpanchay/Cesar Augusto Cruz and Martin Viveros.
The environmental issue has not been addressed by the bill, which is bound to result in a number of discussions since it proposes a single mining title
for research, exploration and closing deposits, whereas environmental laws contemplate 03 licenses (Prior, Implementation and Operation Licenses) with specific valid dates.
The mining title
is irrevocable and perpetual, provided its holder pays the dues in force (currently between ($US1 and $4 per hectare per year.
In addition, the Company will continue its negotiations with each of the illegal mines located within the Company's mining title
at its Segovia Operations to enter into contractual relations similar to those it has with 41 other mining cooperatives working within its mining title