By Christian Moess Laursen
Shares in Tertiary Minerals jumped 39% after the company said it has signed a preliminary pact with its partner Mwashia Resources and an unnamed third party for an earn-in, joint-venture deal in relation to a specific license in the Konkola West copper project in Zambia.
0806 GMT, shares are up 0.04 pence at 0.15 pence.
The London-listed mineral explorer said Monday that the unnamed third party–which it calls a well-resourced exploration and mining company–will, during the first stage, commit to a specified drill program to be completed with 14 months of signing the agreement.
Thereafter, it will earn an initial 51% interest in the license, with Tertiary Minerals’ stake being 39% and Mwashia Resources’ stake 10%.
“Tertiary will now seek to enter into a binding earn-in, joint-venture agreement with the third party and Mwashia as soon as possible,” Executive Chairman Patrick Cheetham said.
Write to Christian Moess Laursen at [email protected]
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