In addition, Botswana's minister for mineral resources Onkokame Kitso Mokaila also granted a new three-year licence.

The licences cover 8,163sq.km along the copper belt, including the 3,350sq.km T20 exploration project.

The company said the extensions provided certainty of title and confidence in exploration and development activities to be undertaken at T20, the T3 copper project and the surrounding expansion project.

MOD and its 30% JV partner, Metal Tiger, extended the first eight of 18 licences in October and had expected the remaining renewals by the end of the year.

Managing director Julian Hanna said the extensions were a major milestone for MOD, while recent exploration had been successful, with copper found in almost every drill hole across the previously under-explored central structural corridor of the copper belt.

Earlier this week, MOD announced further exploration potential at the T23 Dome target of the T20 project.

In Australia, MOD's shares closed 1.75% higher at A29c (US21c), while in London the shares were up 2.78% Friday morning at 18.5p (US23.3c).