Metal Tiger PLC (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, has today announced further to its announcement on 18 September 2017 that the National Minerals Management Committee (the “NMC”) yesterday approved the first Minerals Management Master Plan (the “Master Plan”).
This Master Plan will now be presented to the Thai Cabinet (the “Cabinet”) for consideration. Should the NMC approved version be accepted by the Cabinet, the Thai JV’s Mining Licence Applications over the previously operational Song Toh and Boh Yai mines will be designated as mineral deposit areas for mining (“MDAs”). The Cabinet still has scope to make amendments to the Master Plan, but the Company believe that material amendments that would impact MDA status of its licence areas are unlikely. The team in Thailand anticipate that Cabinet will consider the Master Plan by the end of January 2018.
Furthermore, the Special Prospecting Licence Applications held by Metal Tiger Exploration surrounding the mines and elsewhere in the country will also be designated as MDAs since they were lodged prior to 29 August 2017, the cutoff date nominated for this purpose in the Master Plan.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc commented:
“As shareholders and potential investors will note from the announcement on 18 September 2017, the Master Plan and MDA status, in particular, was one of the key reasons for delaying the planned IPO. Whilst Cabinet sign-off is still required, the fact that the NMC has approved the Master Plan represents a significant step in the right direction for Metal Tiger’s Thai interests.
I would like to extend my thanks to the team in Thailand, our Thai legal counsel and our JV partner for closely following the development of the Master plan and for keeping the Board of Metal Tiger informed throughout the development of this key document. Should the Cabinet approve the Master Plan without any material amendments then the Thai JV will have cleared a major hurdle in its path to being able to progress the permitting process as relating to the historical Song Toh and Boh Yai mines.”