Marula Mining partners granted new graphite licences
Published by Jane Bentham,
Editorial Assistant
Global Mining Review,
Marula Mining, an African focused mining and development company, has announced that the seven new Mining Licence Applications (MLAs) collectively made by Takela Mining Tanzania Limited (TMT) and NyoriGreen Mining Limited (NML) at the Nyorinyori Graphite Project and the NyoriGreen Graphite Project located in Tanzania have been granted.
These new mining licences are valid for a period of 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% commercial interest through the funding of exploration and mining and development activities.
Upfront consideration of US$25 000 per licence is being made to TMT and NML, which has been satisfied through the issue, in aggregate, of 1 050 000 new ordinary shares in Marula Mining at a price of 13.5 pence per new ordinary share. TMT have been issued 450 000 Consideration Shares for the 3 new mining licences granted at Nyorinyori. NML have been issued 600 000 Consideration Shares for the 4 new mining licences granted at NyoriGreen.
Jason Brewer, Marula Mining CEO, 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. I look forward to seeing what we can accomplish at the Projects and updating shareholders on the progress we make.”
Read the article online at: https://www.globalminingreview.com/mining/22012024/marula-mining-partners-granted-new-graphite-licences/
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