C29 Metals Limited (ASX:C29) Faces Setback in Ulytau Project
Ministerial Approval Refusal
C29 Metals Limited (C29) has announced that its initial application for Ministerial approval to transfer ownership of Ulytau Resources Limited has been refused. This notification was received on 28 November 2024, marking an unexpected setback for the company.
Next Steps
In response, C29 is actively working with advisors and liaising with various governmental ministries to address the concerns raised. Managing Director Shannon Green has travelled to Almaty, Kazakhstan, to facilitate these discussions. C29 is preparing to reapply for the approval, with a focus on providing necessary clarifications to secure a favourable outcome.
Impact on Operations
As a result of the refusal, C29 has decided to pause all exploration works until the matter is resolved. The company believes this decision is crucial to conserve cash and maintain a strong financial position for future activities. “Halting operations is not a decision we take lightly, but it’s a necessary step to safeguard both the company and our stakeholders,” said Mr Green.
This decision is aimed at ensuring that C29 can move forward effectively once the necessary approvals are obtained.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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