African Potash (LON:AFPO) has renewed its exploration licence for the Lac Dinga potash project in the Republic of Congo for two years, with the right to extend for an further two years after that.
The fertiliser specialist added it had relinquished a portion of the concession area which overlapped the basin margin and doing that had its reduced its acreage to 555 sq km.
The company has a 70% interest in La Société des Potasses et des Mines (SPM), which holds the exclusive exploration rights over the Lac Dinga project area.
Chris Cleverly, executive chairman said Lac Dinga was in an area extremely prospective for potash, a key fertiliser component, and provided exploration exposure to complement its growing fertiliser trading operations.
Shares rose 14% to 0.63p.