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The share price of RTG Mining surged in Canada on Friday, after Philippine President Rodrigo Duterte lifted a nine-year moratorium on new mineral agreements, reopening the door to investments.

TSX- and ASX-listed RTG Mining owns the Mabilo copper/gold project, which is permitted to proceed to development and operation.

RTG said that lifting the ban on new mining deals showed the support of the Duterte administration for the mining industry.

The company’s stock traded 25% higher at C$0.20 a share on Friday in Toronto.