SINGAPORE - Resource mining company AsiaPhos said on Thursday that a mine exploration right belonging to its subsidiary Mianzhu Norwest has expired on Wednesday.
The exploration right relates to 0.55 square kilometres in Mianzhu in China's Sichuan province.
Around December last year, Mianzhu Norwest applied to the Sichuan Land Department to have the exploration area expanded to approximately 1.54 square kilometres.
It was informed on Wednesday that the expansion application is pending approval. AsiaPhos, which mines phosphorous and makes phosphate-related products, expects the application to be approved within 40 working days from Thursday, barring unforeseen circumstances.
If the company stops working in the exploration area in the meantime, and if the Sichuan Land Department does not grant the expansion application within 40 days, AsiaPhos' mining output and its financial performance for the currrent financial year may be adversely affected, the company said.