Wednesday , June 12 2024

Walkabout apply for mining licence in Tanzania

Australian miner, Walkabout Resources has submitted a mining licence application for the Lindi Jumbo Project in Tanzania.

This comes amid a moratorium on awarding of mining licences and special mining licences, recently put in force by John Magufuli’s government.

Trevor Benson, Walkabout Resources Executive Chairman said the application has been prepared in compliance with the recently promulgated amendments to the Mining Act 2010 of Tanzania.

Benson said the Company believes that the application will be processed administratively and then remain pending final amendment requirements pursuant to the new regulations due for publication and process.

“The Directors remain confident of the award of a mining licence in compliance with the standard fiscal and regulatory requirements. As soon as the regulations have been finalised and are enforced, further discussion regarding the proposed 16% “free carry” will be progressed,” said Benson.

Meanwhile a detailed design for the Lindi Jumbo Project is progressing in Yantai, China.

In addition, the company is finalising fixed price procurement and construction agreements for the Chinese components of the process plant and utilities, in equipment and services that will make up the mine construction.

The Directors are highly encouraged by the interest in the Lindi Jumbo Project and its graphite products in China.

Graphite prices in China have risen sharply over the last month in response to shortages that have occurred as the result of regulatory curbs being enforced upon the graphite sector in China.

Walkabout is fast tracking the development of the Lindi Jumbo Project to take advantage of forecast market conditions for Flake Graphite deposits with high ratios of Large and Jumbo flakes.

The company has also developed a proprietary processing technique based on an existing and proven flow-sheet used elsewhere in Africa and which yields exceptionally high ratios of large flakes into concentrate.

The company currently holds 70% of four licences at Lindi Jumbo with an option to acquire the remaining 30% share.

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