West Wits clears last hurdle for a Mining Right

West Wits clears last hurdle for a Mining Right

The gold price gave us another scare last week as it dipped below US$1,700/oz, but it was encouraging to see it bounce to close at US$1,730/oz by the weekend. Gold stocks reacted down at first but recovered somewhat by the close of trading on Friday. However, not all gold stocks are dominated by the spot gold price. West Wits is an example of company specifics being more important.

West Wits has been a good trading stock in recent months with plenty of volatility and volume as it winds along the path to a final and conclusive outcome for the granting of the Mining Right.

Most significantly, last week we saw South Africa’s Minister of Forestry, Fisheries and the Environment unconditionally dismiss all three appeals lodged against the Department of Mineral Resources and Energy (“DMRE”) EA approval. The Minister’s decision reinstates the DMRE’s EA approval, initially granted 23 June 2020, and paves the way to complete the granting of the Mining Right Application through the DMRE.