Miner appeals to OP over "lost" P115m investment

By the time of the rejection last month, Mount Burgess had spent 14 million Australian Dollars (P115 million) over the years, on various studies and activities on two Ngamiland sites, eventually proving mineralisation of 33 million tonnes of both zinc and silver.Mount Burgess (MTB) originally applied for a renewal of its prospecting licence last March and after several requests for clarification by the ministry, eventually received a notice of rejection last month. In the intervening 14 months, the Australian Securities Exchange-listed company claims to have spent 1.2 million Australian Dollars (P9.8 million).

Correspondence to MTB dated May 13, 2013 and signed by Minerals, Energy and Water Resources Minister Kitso Mokaila indicates that the refusal to renew the prospecting licence for another two years was due to the ministry's dissatisfaction with the pace of developments at the project. The correspondence was made public by Mount Burgess (MTB) as part of the ASX disclosure obligations.