Dar es Salaam. The government on Monday issued seven new mining licence applications to Marula Mining’s local partners, Takela Mining Tanzania (TMT) and NyoriGreen Mining Limited (NML), at the Nyorinyori and NyoriGreen graphite projects in Tanzania, it has been reported.
In a statement to shareholders, Marula, a London stock exchange listed and African-focused mining and exploration investment company, said the new mining licenses are valid for seven years, effective from 10 January 2024 and are being incorporated into the commercial and technical services agreements with TMT and NML, through which Marula has secured its 75 per cent commercial interest through the funding of exploration and mining and development activities.
The company said that an upfront consideration of US$25,000 per license is being made to TMT and NML, which has been satisfied through the issue, in aggregate, of 1,050,000 new ordinary shares in the company at a price of 13.5 pence per new ordinary share.
TMT has been issued 450,000 consideration shares for the three new mining licenses granted at Nyorinyori. NML has been issued 600,000 consideration shares for the four new mining licenses granted at NyoriGreen, the company added.
READ MORE: UK-based Marula Mining Secures Interest in NyoriGreen Graphite Project in Manyara
Jason Brewer, Marula Mining PLC CEO, said that following the completion of the Phase 1 Program at Nyorinyori and NyoriGreen, he’s pleased to see that the company will be able to expand its area of exploration and development through these highly prospective seven new graphite mining licenses.
“By securing these licenses and incorporating them into the commercial and technical services agreements Marula has with TMT and NML, we can 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,” Mr Brewer said in a statement.
“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 Program of exploration activities at the projects,” he added. “I look forward to seeing what we can accomplish at the Projects and updating shareholders on the progress we make.”
Marula said that the new licenses have been secured based on technical discussions with and recommendations from the company’s independent geological consultants, Geofields Tanzania Limited, and adjoin the existing Nyorinyori and NyoriGreen Projects, increasing the number of licenses held under the Projects by 35 per cent to 27 mining licenses.
READ MORE: Marula Mining Appoints Consultants to Commence Exploration at Nyorinyori Graphite Project
The new licenses are considered to be highly prospective for the potential of high-grade and large and jumbo flake graphite mineralisation.
Phase 1 Program of exploration activities was completed by Geofields. An initial report of the findings from the Phase 1 Program is on schedule to be received by the end of January 2024, with findings incorporated into the Phase 2 Program.
Approximately 200 samples have been taken as part of this Phase 1 Program and sample preparation will be completed by SGS Tanzania, with the samples then sent to South Africa for assay work, Marula updated its shareholders.
