Shares in African Pioneer PLC (LSE:AFP) rose 21% on Wednesday after the company confirmed it had secured an unconditional mining licence for its Ongombo copper-gold project in Namibia, clearing the final regulatory hurdle before development begins.
The licence, valid until March 2045, formally completes the permitting process following the recent environmental clearance.
The project, located around 40 km northeast of Windhoek, is 85%-owned by African Pioneer and is now positioned to move from planning into execution.
The company said the green light paves the way for a low-cost open-pit start-up phase, which will accelerate its path to production.
A recent resource upgrade has bolstered confidence in Ongombo’s long-term potential, with plans to make it a significant regional producer of copper and gold.
The shares rose 0.13p to 0.78p.