(Alliance News) - Strategic Minerals PLC shares rose on Wednesday, after it said that a mineral rights agreement has been signed with the Duchy of Cornwall.
Shares in Strategic Minerals were up 11% to 0.25 pence in London on Wednesday morning.
The London-based miner said its wholly owned subsidiary, Cornwall Resources Ltd, finalised an exclusivity and prospecting agreement for an area covering 6,427 hectares in north and east Cornwall which will increase the company's footprint in the region fourfold.
The agreement, which comes into effect on April 1, grants Strategic Minerals the right to explore a wide range of ores and metals, excluding those reserved for the Coal Authority, Crown and Mines Royal, for a period of three years with an option to extend further.
Strategic Minerals Chair Alan Broome said: "This development further underwrites the company's strategy to be part of, and benefit from, the resurgence of mining activity in the UK and directly contribute to the deliverability of the UK's Critical Minerals Strategy and Cornwall's ambition to be a world-class region for metal mining and geo resources."
The company has begun the process of designing various work programs which will be announced in due course.
By Elijah Dale, Alliance News reporter
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Strategic Minerals (SML)