The Ministry of Mines and Mineral Resources and the National Minerals Agency (NMA) have cancelled the three exploration licenses of Argosy Minerals Limited a company listed on the Australia Stock Exchange.
The Perth-based company of West Australia received the licenses to do iron ore exploration in Southern Sierra Leone in 2011. The project was known as the Bembeye Iron Ore Project.
Bembeye is a range of hills that run for about 30 kilometres in the north-easterly direction of Bo. It is perceived that the range of hills will provide the possibility of substantial tonnage of ore.
Mines Ministry and NMA cancelled a total of 57 exploration and mining licenses of operators including the 3 exploration licenses of Argosy Minerals Limited. The operators of the licenses cancelled have either failed to renew their licenses or doing no activity at all, Peter Bangura Director of Mines at NMA said on the phone.
“The general public will recall that on the 13th August 2015 the Ministry of Mines and Mineral Resources and the National Mineral Agency issued a press release urging some Mineral right holders (exploration and mining companies) to fulfil their obligations under specific provisions of the Mines and Minerals Act of 2009. Despite repeated warnings, some of the mineral right holders have failed to comply,” the release stated.
Argosy announced in March 2011 that the company received a four year exploration license to explore an area spanning 136.2 square kilometres in the southern province, approximately 100 kilometres from the concession area to Bo City.