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(Sharecast News) - Tertiary Minerals updated the market on its Konkola West Copper Project in Zambia on Thursday.
The AIM-traded firm previously announced signing a term sheet to facilitate a third party's participation in the project on 25 September.
On Thursday, it said the third-party entity, after conducting due diligence investigations, had completed its assessment.
Currently, all involved parties are reviewing draft agreements to finalise the terms expeditiously, the board reported.
It reiterated that all parties remained fully committed to executing the transaction.
"I am pleased to be able to provide the market with this reassurance and we look forward to updating the market further in due course with details of the agreement and the third party's exciting plans for drilling at Konkola West," said executive chairman Patrick Cheetham.
At 1149 GMT, shares in Tertiary Minerals were up 14.29% at 0.12p.
Reporting by Josh White for Sharecast.com.