Tirex Resources moves from exploration to production in Albania
It's not very often you hear about a company moving from exploration into production, but Canadian Tirex Resources (CVE:TXX) is doing just that. The Vancouver-based firm announced Monday it has received official notification from Albania's Ministry of Economy, Trade and Energy (METE) relating to its applications to transition six areas from exploration licenses to 25 year mining permits.
Mining operations in these six areas, said the company in a press release, is expected to create significant employment, infrastructure growth and economic development in northern Albania.
Tirex has invested $25 million exploring for copper, gold, silver, and zinc in the Southeastern Europe country.
"This is a significant day not only for Tirex shareholders but also for the local communities in northern Albania that will benefit from this decision,” said CEO Bryan J. Slusarchuk.
He added Tirex serves as an example of the fact that the Republic of Albania welcomes investment of risk capital in the mining sector and demonstrates that companies are able to transition from exploration into production licensing within the regulatory framework.