Shares of Cardinal Resources soared 29.2% following the latest offer.

The deal will support green industrial operations for both domestic consumption and exports, the Perth-based firm said.

Open pit mines emit on average around twice as much CO2e per ounce of gold produced as underground mines.

Located on the island of Viti Levu — Tuvatu contains an estimated 1.12 million tonnes of indicated resources.

Company had previously applied to damage the 43,000-year site near its Silvergrass iron ore mine, and consent was granted by the state government.

The companies’ technology uses 35 kW per kilogram of titanium compared to the standard Kroll process that uses 117 kW per kilogram of metal.