Seven new graphite mining licence applications submitted by Africa-focused Marula Mining’s local partners in Tanzania have been granted.
These licences, which are effective from 10 January 2024, have been granted to Takela Mining Tanzania (TMT) and NyoriGreen Mining Limited (NML) for the Nyorinyori Graphite Project and the NyoriGreen Graphite Project.
The seven-year licences are part of Marula’s strategy to cement its 75% commercial interest in the projects by funding exploration, mining and development activities.
An upfront consideration of $25,000 (£19,774) per licence has been paid to TMT and NML, satisfied through the issuance of new ordinary shares in Marula.
TMT has received 450,000 consideration shares for three licences at Nyorinyori, while NML has been allocated 600,000 shares for four licences at NyoriGreen.
The transaction has increased the total number of licences under the projects by 35%, bringing the count to 27.
Acquisition of the new licences was based on technical discussions and recommendations from Geofields Tanzania, the company’s independent geological consultants.
The licences adjoin the existing Nyorinyori and NyoriGreen Projects and are deemed highly prospective for high-grade and large and jumbo flake graphite mineralisation.
Marula Mining CEO Jason Brewer said: “Following the completion of the Phase 1 Programme 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 licences.
“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.
“With the support we have received from TMT and NML, and from the recommendations made by our geological consultants, Geofields, we are in a prime position to progress our Phase 2 programme of exploration activities at the projects.”
