Tuesday , November 5 2024

Graphite Bonanza for Marula as Tanzania Grants Mining Licences

In a significant boost for its battery metals operations, UK- and South Africa-listed Marula Mining has secured eight new mining licences in Tanzania for its subsidiary, NyoriGreen Mining Limited (NML).

While a prospecting licence remains pending approval, Marula anticipates its acquisition by the second quarter. The newly acquired licences, valid for seven years from April 19, will be integrated into the existing Nyorinyori and NyoriGreen graphite projects, where Marula holds a 75% stake.

This windfall brings the total number of graphite mining licences for these projects to 35. Marula has confirmed the presence of high-grade mineralisation, with test results revealing up to 15.89% total graphitic carbon, including deposits of 14%, 13%, and 11% graphite conveniently exposed at surface level.

To solidify the deal, Marula will issue 1.05 million shares, valued at $25,000, to NML, aligning with the commercial terms established between the companies in January.

The fresh licences fall within Phase 2 of Marula’s exploration program, which will involve diamond drilling across the identified surface graphite zones, alongside geophysical surveys and trenching activities.

Spanning over 67 hectares, these new licences, combined with the Nyorinyori and NyoriGreen projects, create a substantial project area of approximately 337 hectares. This expansion positions Marula as a major player in Tanzania’s burgeoning graphite sector.

Check Also

Uganda’s Mineral Potential: A Sleeping Giant Awaits Awakening

Despite boasting a rich and diverse mineral resource base, Uganda has lagged behind its regional …