Armadale Capital plc has announced the formal confirmation and receipt of the mining licence for its 100%-owned Mahenge Graphite Project in south-east Tanzania from the Tanzanian Ministry of Energy and Minerals.
The mining licence provides the company with exclusive development and mining rights over the graphite resources within the 8.54 km2 mining licence, and is a major de-risking milestone for investors.
- Mining licence ML/007744/2020 granted covering the long-life low cost Mahenge Liandu Graphite Project.
- Transformational permitting milestone for Armadale to build a significant high-grade graphite mine with robust economics (DFS showing pre-tax NPV of US$430 million, IRR of 91%, and payback period of 1.6 years).
Nick Johansen, Armadale Chairman, comments:
“We are delighted to announce another crucial step forward in the development of the Mahenge Liandu graphite project and we also wish to thank the Tanzanian Ministry of Energy and Minerals for their considerable support throughout the application process. In addition, we would also like to extend our thanks to key members of the wider Armadale team for their efforts in completing this important piece of work.
“Receipt of the 10-year mining licence for the Mahenge Liandu graphite project is one of the final and most important de-risking milestones for the company and allows us to push forward towards construction of our planned initial Stage 1: 60 000 tpy capacity for the project – an initiative which will bring significant benefits to stakeholders, both local communities and plc level investors.”
Read the article online at: https://www.globalminingreview.com/mining/07092021/armadale-mining-licence-approved-for-mahenge-liandu-graphite-project/