Marula Mining says the government of Tanzania has granted seven new mining licences to Takela Mining (TMT) and NyoriGreen Mining (NML) at the Nyorinyori graphite project and the NyoriGreen graphite project.
The new licences are considered to be highly prospective for the potential of high-grade, large, and jumbo flake graphite mineralisation.
Marula said the mining licences are valid for seven years and are being incorporated into the commercial and technical services agreements with TMT and NML, through which Marula has secured its 75% commercial interest through the funding of exploration, mining, and development activities.
It said an upfront consideration of $25,000 per licence is being made to TMT and NML, which has been satisfied through the issue, in aggregate, of 1 million new ordinary shares in the company for 13.5 pence per new ordinary share.
TMT has been issued 450,000 consideration shares for the three new mining licences granted at Nyorinyori, while NML has been issued 600,000 consideration shares for the four new mining licences granted at NyoriGreen.
“Following the completion of the Phase 1 Program at Nyorinyori and NyoriGreen, I am pleased to see that we will be able to expand our area of exploration and development through these highly prospective seven new graphite mining licenses,” said Marula Mining chief executive Jason Brewer.
“By securing these licences and incorporating them into the commercial and technical services agreements Marula has with TMT and NML, we are able to strengthen our position in the area and consolidate our exploration activities at the projects so that we can continue to target locations of prospective high-grade graphite mineralisation.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
