Shares in Arc Minerals Limited (AIM:ARCM), the mining exploration group targeting tier-1 copper deposits, rose 6% after it moved to clarify the status of its mining applications in Zambia.
It confirmed the rejection of two applications submitted by Handa Resources Limited and Zaco Investments would be appealed. Additionally, a large-scale exploration licence from Zaco was deferred pending further information.
Arc said the submissions were made validly, adding the appeal will heard as soon as possible "so that the applications can be reinstated and/or considered positively in accordance with the law". None of Arc Minerals' other licences were affected by the review.
Investors were also told that Anglo American PLC (LSE:AAL), Arc's joint venture partner in Zambia, is mobilising for planned exploration activities.
Chairman Nick von Schirnding said: "I am pleased that we have been able to provide some clarity to shareholders on steps to rectify the LML applications.
"I am also very pleased that we have had confirmation that our JV partner Anglo American has begun mobilising for the upcoming drilling programme. I look forward to updating shareholders on an exciting period ahead for activities in both Zambia and Botswana."
Emerging from a brief hiatus, Arc shares were up 0.88p at 1.47p.