As expected, Blackheath Resources (BHR.V) has received its experimental mining license from the Portuguese government. This will allow the company to extract ore from 1948 hectares of its Covas-Arga project and produce tungsten, tin and gold.
The mining license is valid for three years and can be extended by another two years. As Blackheath is currently still exploring at Covas we don’t expect this experimental mining to start before the end of 2015.
Receiving this experimental mining license is a positive development for Blackheath as it shows the support of the Portuguese government to re-open past producing mining projects. As the Covas tungsten project is one of the highest grade projects in Europe with a rock value of $325/t at the current tungsten price, we are looking forward to further exploration success.
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Disclosure: The author holds a long position in Blackheath Resources. Blackheath is a sponsor of the website. The author has visited the Covas and Borralha projects in Portugal earlier this year, and his travel costs have been reimbursed by the company. Please see our disclaimer for current positions.
