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Leading Edge extends Woxna licence for 25 years

Monday, January 9, 2017 13:41
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Leading Edge Materials Corp (CVE:LEM) shares jumped more than 10% on Monday as the company said it had extended its exploitation licence at Woxna graphite mine in Sweden for a quarter of a century.

The exploitation licence for the Woxna graphite mine was up for renewal in early 2017, and an application for a 25-year extension was submitted to the mining inspectorate of Sweden earlier this year.

“This is the first milestone in our re-permitting process for an expanded operation. This exploitation licence security enables us to continue our graphite strategy to expand into the supply of high-purity graphite for the burgeoning electric vehicle and energy storage markets,” said Blair Way, president and chief executive officer.

An exploitation concession gives the holder the right to exploit an extractable mineral deposit for a period of 25 years, which may be extended a further 25 years. Leading Edge Materials’ exploitation and environmental permits for the Woxna graphite mine and processing facility were issued by the mining inspectorate in 1992. The application for a 25-year extension was submitted earlier this year, and the extension was granted in early November and took full legal effect at the end of December.

Leading Edge Materials was formed in August 2016 via the merger of Tasman Metals Ltd with Flinders Resources Ltd. 

Leading Edge shares were up 10.2% at C$0.54 on Monday.

Story by ProactiveInvestors


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