East African Mining News Unearthing Mining Opportunities in East Africa
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London-listed Caracal Gold has signed a four-month exclusivity agreement with Tanzanian mining company Pumba Resources, targeting gold prospecting licence applications in Tanzania’s Geita and Singida regions. The agreement, announced on 1 August 2025, grants Caracal exclusive rights until November 30 to conduct legal, technical and financial due diligence on Pumba’s licences, with a view to forming a potential joint venture for gold exploration and mine development.
Caracal management said the partnership could unlock new opportunities in two of Tanzania’s most prolific gold producing regions, home to major operations run by AngloGold Ashanti and Shanta Gold. Pumba’s portfolio covers around 30 km² and includes licences PL 30889/2025, PL 30761/2025, PL 30759/2025 and PL 32143/2025. Caracal will issue Pumba £50,000 worth of ordinary shares at 0.3p per share as a fee for entering the agreement, upon the resumption of its share trading on the LSE.
