Strategic Minerals PLC (AIM:SML, OTC:SMCDF) jumped 15% to 0.32p after it received environmental (PEPR) approval for its Leigh Creek copper project in South Australia.
SML said the Paltridge North deposit, which will be processed at the nearby Mountain of Light plant, is now “shovel ready,” subject to finance.
Strategic said it is required to provide monitoring reports and to observe identified areas of historical significance to indigenous communities under the terms of its approval.
By the time the transitional ore is reached, SML added it was confident it will have submitted and have approved procedures for extracting and processing the ore.
Native Vegetation Fund contributions, meanwhile, had increased by approximately A$50,000 to A$139,000.
John Peters, SML's managing director, said: "The approval while having taken longer due to a number of factors, is welcomed, anticipated news.
“This provides a focal point by which to progress discussions currently underway with potential funders/joint venture partners.”