Earlier this month, Empire Mining (EPC.V) confirmed that the Albanian Ministry of Economy, Trade and Energy (“METE”) didn’t appeal the decision made by the Supreme Court of Albania regarding its Albanian chromite licenses. This leads to a full restoration of all necessary permits and licenses.
Whilst this obviously is good news for Empire, we don’t think they will continue to further develop their projects in Albania at this moment. The company has completely changed its focus to their Turkish copper project and they are currently drilling some high-priority targets at Bursa together with their Joint Venture partner First Quantum Minerals (FM.TO). This is why we believe that they will either sell the Bulqiza chromite project or search a Joint Venture-partner for it.
Disclosure: The author holds a long position in Empire Mining Corp. Please see our disclaimer for current positions.