Tyranna Resources has executed a binding share purchase agreement with Sinomine Resource (Guangdong Hengqin) Supply Chain Co, a subsidiary of Sinomine Resource Group, for the sale of its 90% interest in AM Mauritius – the holding entity for the Namibe lithium and caesium project in Angola – for $1.44 million.
The transaction, which involves Tyranna's 97%-owned subsidiary Angolan Minerals, will leave Tyranna with a 7% carried interest in the project.
The company will hold a general meeting of shareholders on August 7 to approve resolutions related to the transaction.
Tyranna managing director David Crook said that following four years of exploration activities, including the discovery of spodumene and pollucite occurrences, the company decided to divest the Namibe project to focus on other opportunities in Angola.
"Sinomine has been our funding partner for much of this time and is, therefore, the natural buyer of the project," he said.
Sinomine Group has extensive mining, processing and offtake operations across Africa, including in Namibia, Zimbabwe and the DRC, and is already party to the existing Royalty Deed in respect of the Namibe project.
Crook said that Tyranna recently acquired the Chinguar gold project in Angola and said the funds secured from the sale will be applied at Chinguar and to fund further acquisitions. Tyranna's geologists and field crew will initially focus on exploration at Chinguar, with the next phase of geochemistry to begin during the upcoming quarter.
Priority work includes refurbishing and sampling costeans at the Mina de Colemba Mn prospect, infill stream sediment sampling, soil sampling leading to drilling around the Consito Alto prospect, and further testing of anomalies at Catuma, Tchicussuque, Cachimbaca and Candele NE.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
