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.
Source: Mining Technology