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Bezant Resources PLC shares climbed on Friday, after it said long-awaited approvals from the Philippines government had been received for the Mankayan project.
The Philippines government's Mines & Geosciences Bureau of the Department of Environment & Natural Resources has renewed Crescent Mining & Development Corp's mineral production sharing agreement for a second 25-year term.
Bezant, a London-based copper and gold exploration and development company, said this is a promising sign for the Mankayan project in the Benguet province of Luzon Island in the Philipines, which focuses on copper-gold porphyry.
Shares in Bezant were up 11% to 0.19 pence each in London on Friday morning, having been up as high as 22% earlier in the morning.
The initial 25-year term had expired on November 11 of last year.
It has an interest in the project via a 28% shareholding in IDM Mankayan Pty Ltd, an Australian incorporated company supporting Crescent in developing the site.
Crescent has started the process of the feasibility study to complete the scoping phase and plan a drill campaign for geotechnical studies.
Bezant Executive Chair Colin Bird commented: ‘We are very pleased with the renewal of the MPSA for 25 years which will be a catalyst for the development of this world-class copper-gold porphyry project. We are very confident that management in the Philippines supported by IDM have the experience and expertise to take the project forward through the next stages of evaluation and development which will significantly enhance the value of the project.’
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