LONDON (Alliance News) - Richland Resources Ltd said Wednesday that it had signed an agreement with Kiberan Resources Limited for a joint venture to consolidate and develop both of the companies graphite assets in Northern Tanzania.
The two companies signed a non-binding memorandum of understanding, under which Richland will consolidate its Arusha Graphite project with Kibaran's Merelani-Arusha Graphite Project, with the objective to realise medium-term graphite production from both assets.
Shares in Richland were trading up 3.1% at 8.25 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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