Shares in Anvil Mining have closed up 27 per cent after it reached a deal with the government of the Democratic Republic of Congo over its Dikulushi and Kinsevere mines.
The agreements covering both mines were subject to a review launched by the government in 2007.
Anvil said today it had signed an amended agreement along with state-owned mining company Gecamines for the Kinsevere copper lease.
Under the amended agreement, rent paid by Anvil to Gecamines will be based on 2.5 per cent of gross turnover, rather than capped at $US70 per tonne at a copper price of $US4000/t.
The spot price of copper last traded at $US3186.50/t on the London Metal Exchange overnight.
In addition, Anvil will also make a cash payment of $15 million, of which $10 million is due within six months.
Anvil said the Dikulushi agreement remains unchanged and discussions are continuing over the Mutoshi joint venture.
Shares in the company closed up 40 cents to $1.88 today.
