The Slovak Ministry of the Environment intends to deny Forte’s (ASX:FTE, LON:FTE) application for a further extension of the exploration licence covering the Kuriskova deposit area.
The uranium asset developer said its 50%-owned joint venture had applied for a new exploration licence overprinting the Kuriskova deposit area in Slovakia, as the current 10-year licence runs out at the end of this week.
The ministry has indicated the application will be rejected, partly because it believes the company’s previously stated intention to explore for rare earth elements in the licence area effectively makes it a new exploration project.
The Slovak operating entity, Ludovika Energy, has now applied for a new exploration licence covering 14.73 square kilometres, including the area of the currently defined resource.
It is expected that this licence will be granted in the normal course of business for an initial four-year period with the right for two additional extensions of four years then two years, for a total of 10 years.
The grant of this new exploration licence will allow work to continue on the Kuriskova project.
"While disappointed with the decision not to extend the uranium exploration licence, Forte is keen to explore the rare earth elements potential of Kuriskova through the new licence application,” said Forte managing director, Mark Reilly.
Reilly added the company is also finalising plans for an initial exploration programme on the Olympic Domain project in South Australia.
