Additionally, a yearly contribution of US$7500 (A$12,034) will be allocated to regional socio-economic development.
Management said securing the mining licence for the project has been a carefully managed process, led by Sarytogan’s fully-owned Kazakh subsidiary Ushtogan LLP, with each step reflecting strong compliance with regulatory requirements.
The journey began with the negotiation of a land access agreement in April 2023, making sure local farm and land users were onboard with the project and helping to set the stage for a strong working relationship with stakeholders.
The company also undertook the central task of converting its massive 229-million-tonne, high-grade mineral resource – featuring an impressive 28.9 per cent total graphitic carbon (TGC) – from the Australian JORC Code to Kazakhstan’s KAZRC standards. The conversion was a necessary step to marry up with local regulatory frameworks.
Application for the formal mining licence was lodged nine months ago in March with the Geological Committee subsequently approving the boundaries in June and clearing a major hurdle towards the mining permit.
At the same time as the permit outlines were agreed, Sarytogan also received the official nod from the government that the mining licence would be granted, subject to an environmental permit.
Preparing a comprehensive pit closure plan together with further detailed environmental studies and community engagement across the past 18 months has now led to the environmental approval – the final piece of the puzzle – to fall into place.
As owner of a world-class resource strategically positioned between the major markets of Europe and China, Sarytogan also recently picked up significant attention on the global stage.
The company was highlighted as a notable investment case study on the sidelines of the United Nations General Assembly, following the establishment of the UN’s Minerals Security Partnership Finance Network.
The European Bank for Reconstruction and Development, a key player in the finance initiative. also agreed to a $5 million investment in the company.
With Sarytogan receiving so much attention and the mining permit now safely tucked away in its bag, it may well feel satisfaction from its efforts in 2024 – and the next year appears to hold all the hallmarks of a breakout period for the company.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
