Source: Bolt Metals.
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  • Bolt Metals Corp.’s (BOLT) has had a mining permit (IUP) revoked in Indonesia
  • Bolt Metals has been working with government agencies to register its license for four years
  • The license is a requirement for the extension of the Cyclops Project IUP
  • Advisors have suggested several strategies to have the IUP extended and intends to pursue one or more courses of action
  • The company will provide updates regarding a possible reinstatement of the mining permit for Cyclops when available
  • Bolt Metals Corp.’s (BOLT) is down 39.47 per cent and is trading at $0.115 per share as of 1:17 p.m. EST

Bolt Metals Corp.’s (BOLT) (FSE: A2QEUB) Indonesian subsidiary has had its mining permit (IUP) for the Cyclops Nickel Cobalt Project revoked.

 The company was notified by the Head of the Investment Coordinating Board and Minister of Investment for Indonesia regarding the revokement.

Bolt Metals and its Indonesian subsidiary have been working with government agencies to register its license into the Directorate General Mineral and Coal Ministry of Energy and Mineral Resources database for the last four years.

The license is a requirement for the extension of the Cyclops Project IUP. The license was successfully registered in July 2020.

The company’s application for IUP extension began last year, with all the requirements from the Directorate General Mineral and Coal having been fulfilled. It included the submission of certificates of bank deposit of a joint TNM Directorate General Mineral and Coal Account for Reclamation and Post Mining bonds.

Bolt Metals’ Indonesian advisors have suggested several strategies to have the IUP extended and intends to pursue one or more courses of action.

The company will provide updates regarding a possible reinstatement of the mining permit for Cyclops as soon as it becomes available. Bolt Metals will also report on any impact to the conditional sale of the Cyclops Project.

Bolt Metals Corp.’s (BOLT) is down 39.47 per cent and is trading at $0.115 per share as of 1:17 p.m. EST.

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