UPDATE 1.35pm: Gryphon Minerals says it has received an environmental permit for its Banfora gold project in Burkina Faso, the penultimate step ahead of full approval of the project.
"The next and final stage of the mine permitting process is well advanced, and Gryphon anticipates to be granted a mining licence from the Burkina Faso Ministry of Mines well before the end of March," the company said in a statement.
Gryphon managing director Stephen Parsons described the recent approval as a major achievement for the company.
"Our project development team continues to work closely with local stakeholders and community leaders and this achievement is further testament to the strong relationships we have formed," he said.
"We now have all the major permits required in advance of obtaining our mining licence, a key objective in the company's 'de-risk, get ready and add value' strategy."
The company said it had recently revised the project's capital cost structure so it would remain economically robust in a lower gold price environment.
Gryphon shares closed up 0.5 cents, or 2.7 per cent, at 19 cents.