Shares in Tertiary Minerals have experienced a significant surge of 39% following the announcement of a preliminary pact. The London-listed mineral explorer has partnered with Mwashia Resources and an undisclosed third party for an earn-in, joint-venture deal regarding a specific license in the Konkola West copper project in Zambia.
At 0806 GMT, shares have risen by 0.04 pence to reach 0.15 pence.
Under the terms of the agreement, the unnamed third party, described as a well-resourced exploration and mining company, will commit to a specified drill program within the first stage. This program must be completed within 14 months of signing the agreement. Upon fulfillment, the third party will gain an initial 51% interest in the license, while Tertiary Minerals will retain a stake of 39% and Mwashia Resources will hold a stake of 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,” stated Patrick Cheetham, Executive Chairman of Tertiary Minerals.