Bezant Resources PLC (LON:BZT) has renewed the Mineral Production Sharing Agreement pertaining to its Mankayan copper-gold project in the Benguet Province in the Philippines.
The renewal runs for a standard period, with the licence now due to expire in April 2020.
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The Philippines Department of Environment and Natural Resources Administration granted the renewal subject to customary conditions for inclusive stakeholder engagement and certain work programme commitments.
"It is a testament to the quality and diligence of our Philippines team that the exploration period for our Mankayan Project's MPSA has been renewed,” said chief executive Laurence Read.
“The core of the Philippine government's strategy is that 'Mining shall be pro-people and pro-environment in sustaining wealth creation and improved quality of life'.
"Over the course of the next two years, stakeholder engagement for the progression of our Mankayan asset will be at the core of our work on this project. I look forward to the roll out in due course of our technical and community programmes which are aimed at adding value to a project which we already deem to be world class, but which has substantial potential for enhancement."