MOD Resources has secured extensions for key joint venture (JV) prospecting licences (PLs) covering the T3 copper project and surrounding 950km² T3 expansion project in the Kalahari Copper Belt in Botswana. MOD owns a 70% interest in the JV, known as Tshukudu Metals Botswana, which holds the licences, while the remaining 30% stake is held by Metal Tiger. The PLs were set to expire in December this year and the extension enables the companies to conduct operations for an additional two years.

The extensions include PL 190/2008 which holds the T3 copper project, the T3 expansion project and the A4 Dome. In a separate ruling, MOD has been granted two-year extensions for an additional five PLs covering around 1,824.6 km² of the T20 exploration project. The partners also secured ministerial approval for transferring JV licences from Tshukudu Metals Botswana into new JV exploration entity, Tshukudu Exploration.

The said transfer does not include PL 190/2008. The new JV will be owned on 70:30 basis by MOD and Metal Tiger. Approval for the transfer of ten more licences is pending.