(Alliance News) - Shares in Tertiary Minerals PLC rose on Tuesday, as the company's joint venture partner prepares for drilling at its Zambian copper project following the receipt of a regulatory approval.
Tertiary is a mineral development company focused on deposits in the US, Zambia and Northern Europe. Shares in the company were up 15% at 0.086 pence each in London at midday on Monday.
The company said that the Zambian minister for mines has consented to an earn-in agreement signed between the London listing's 96%-owned subsidiary Tertiary Minerals Zambia Ltd and KoBold Metals Co, relating to exploration at the Konkola West copper project.
In February, the pair signed the agreement, alongside Tertiary's local partner Mwashia Resources Ltd, allowing KoBold to acquire a 51% stake in the project after completing a first-stage drilling programme.
The Zambian minister's approval allows KoBold to earn into an exploration licence for Konkola West, following completion of the programme.
The earn-in agreement for the project has also been authorised by the Zambian Competition & Consumer Protection Commission.
As a result, all regulatory conditions for drilling the target have been met, and Tertiary said that KoBold will soon begin drilling.
Executive Chair Patrick Cheetham said: "KoBold has been advancing its drill plans in parallel with the consent process and these approvals clear the way for drilling to start. The first drill site has been selected, the drill contract has been let, drill site preparation has been completed and equipment mobilisation is in progress, with drilling expected to start by the end of April.
"This is a very exciting and potentially transformational time for Tertiary. Drilling will test for deep copper mineralisation in the main ore shale that hosts Vedanta's Konkola Deeps deposit and the nearby Mingomba deposit where KoBold has recently announced it will develop one of the highest grade copper mines in the world."
By Hugh Cameron, Alliance News reporter
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Tertiary Minerals (TYM)