I came across a company called Reenova Investment the other day. They have PR 6698 covering an area of approx 238km2 that allows for exploration of rare earths. The exploration license was originally granted in 2008 for 5 years and then received 2 x renewals for 3 years. These are standard terms for a PR. The PR is set to expire 5 November 2021 (the last 3 year term which was granted 6 November 2018). Prior to that it will need to make an application for a PE mining licence. The granting of this PE will be an important milestone to watch out for. The resource this company has in enormous:
NextSource had their PE granted in February 2019. Tirupati had their PE granted December 2015.
The above indicates 3 companies have been able to get renewals either for a PR or have a PE granted.
What I have yet to be able to understand is why BEM have not been able to get PR 39751 granted. This expired 20 November 2018. PR 39751 contains a significant amount of resource for Haja and Exploration Target for the other domains.
I also found this statement in the following report:
https://www.banktrack.org/project/base_toliara_sands_mine/pdf
While this does not have any direct link to BEM, it just flags that there are currently a number of issues with permitting in Madagascar.
Permit Risk, page-24
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