IMC Exploration Group PLC (LSE:IMC) shares climbed nearly 20% after it announced the renewal of its mining licence for the Karaberd Mine in Armenia’s Lori Marz province.
Secured via its wholly owned subsidiary, the company has renewed the licence runs for nine years until 1 January 2035.
IMC said the licence provides for underground extraction of 30,000 tons of ore per annum and includes a requirement to submit a reserve revaluation report to the authorised body two years after receiving the right to use the subsoil, covering reserves available in the open pit. Under the renewed licence, Assat has the right to extract up to 1,274 kg of gold and 2,310 kg of silver, IMC added.
“I am extremely pleased and happy for IMC," said executive chair Eamon O’Brien.
"The renewal of the Karaberd mine licence could not have come at a better time.” He said the renewal followed a “very rigorous regulatory assessment,” including review by the Armenian Minister for Environment and four public hearings.
IMC noted that Assat, its subsidiary, is finalising agreements covering ore enrichment, concentrate production and further processing into 999 gold and silver products, with updates to follow.
The company also said it is evaluating a dual listing on the Armenian Stock Exchange.
In London, meanwhile, the small cap share was up 18% changing hands at 0.62p.