Futures in Singapore edged up 0.6% to $96.30 a ton at 9:55 a.m. local time, after posting a weekly decline of 2.7% on Friday.

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Gold Road shares jumped as much as 12% after the announcement, and were trading 9% higher at A$3.24 a share as of 10:47 a.m.

The undeveloped mine contains at least 13m tons of the metal, as well as significant amounts of gold and silver, Lundin said.

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