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01 Apr 2019 | 12:42

Panthera Resources says second payment from Galaxy delayed until end April

Panthera Resources said a second payment due under its partnership agreement with Galaxy due at the end of March would now be sent by the end of April.

The delay was due to administration and process issues associated with the Indian financial year end for Galaxy, Panthera Resources said.

The company also said a national mineral policy had been announced in India, which articulated several relevant and positive proposed changes.

These included a seamless transition from a reconnaissance permit to a prospecting licence and assured security of tenure along with transferability of concessions.

'Over the last several weeks I have participated in a series of positive meetings in India with representatives of Galaxy and its partners,' chief executive Geoff Stanley said.

'These meetings have advanced our strategic planning for production licence negotiations and discussions regarding Galaxy's planned BSE listing and we are confident in our partner's long term commitment to participating in the advancement of the Bhukia JV project.'

'These discussions have been taking place against the backdrop of a likely progressive improvement in the legislative outlook for the mining industry as foreshadowed by the recently announced national mineral policy 2019.'

At 12:42pm: (LON:PAT) Panthera Resources Plc Ord 1p share price was -2.75p at 10.75p

Story provided by StockMarketWire.com
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