Aminex shares (LON: AEX) soared over 168% on Monday as the group Ruvuma gas project gained approval from the Tanzanian government.

The wholly-owned subsidiary, Ndovu Resources Limited, has received approval and the transaction is expected to be completed in the next few days.

Robert Ambrose, chief executive of Aminex, said: “We are delighted to finally receive Government approval of the Farm-Out and would like to thank all agencies of the Tanzanian Government that were involved in the process.

“We would also like to thank ARA Petroleum for its invaluable assistance and support in securing Government approval of the Farm-Out and in advancing $5m to the Company over the past 12 months. We now look forward to completing the transaction within the next few days and handing operatorship over to APT.”

Aminex shares (LON: AEX) are currently trading +200% at 1.20 (1511GMT). 

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Safiya Bashir
Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.