UK-listed mining company Altus Strategies has been granted a small-scale gold mining license by the Ministry of Mines, Energy and Water for the Republic of Mali for the 83.1-square-kilometer Korali Sud Licence, containing the Diba gold project in Western Mali.

The company said the mining license had been granted for an initial four-year period, renewable until the deposit is depleted.

It said it had commissioned independent consulting firm Mining Plus UK to update the Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) for the Diba mine and the existing project at Lakanfla, Mali.

The company's application for the mining license included various studies and files, including an environmental permit, mine closure and rehabilitation plan and a community development plan.

Steven Poulton, chief executive of Altus, said the new license provides the company with long-term security for the project.

"This is especially important as an updated MRE and PEA for the combined Diba and Lakanfla project is underway and is due to be published in the next three months.

"I look forward to updating shareholders on these studies in due course."

Altus Strategies took 100% control of the Lakanfla gold project following an agreement with Malian miner Marvel Gold in January 2022.