10:43 AM EDT, 06/03/2025 (MT Newswires) -- Pan Global Resources (PGZ.V) on Tuesday acknowledged approval by the Government of Andalucia of the restoration plan and exploitation permit for Minera Los Frailes to develop the Los Frailes underground mine adjacent to its 100%-owned flagship Escacena Project in southern Spain.

A statement noted Minera Los Frailes is owned by Grupo Mexico, which holds a 97.31% stake, and Magtel, which holds the remaining 2.69%. It also noted Grupo Mexico is the fourth-largest copper producer by volume globally, and granting of the exploitation permit reaffirms Andalucia's status as a Tier 1 global mining jurisdiction.

"This milestone for our neighbors at Minera Los Frailes highlights the strength of the permitting environment in Andalucia and underscores the strategic location of our 100%-owned Escacena Project," said Pan Global's President and Chief Executive Officer Tim Moody. "With our La Romana copper discovery located just west of the planned Los Frailes mine, Pan Global is uniquely positioned to benefit from increased regional investment, infrastructure upgrades, and other synergies. The Los Frailes mine will be a significant new mine development, with an anticipated 20-year mine life, and a plant producing zinc, lead, and copper concentrates."

Price: 0.13, Change: +0.01, Percent Change: +4.00

http://www.mtnewswires.com
Copyright © 2025 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.