(Alliance News) - Marula Mining PLC on Tuesday announced that its partner has been granted eight new graphite mining licences.
The Africa-focused miner has a 75% interest in the Nyorinyori and NyoriGreen graphite projects in Tanzania, which it is developing alongside its partner NyoriGreen Mining Ltd.
In March, NyoriGreen Mining said it had applied for eight graphite mining licences relating to the projects.
These have now been granted although the company's other application for a prospecting licence remains outstanding with a response expected in the coming months.
These new licenses are valid for seven years, effective from April 19, and increase the total number of graphite mining licenses associated with the the projects to 35.
An upfront consideration of USD25,000 per licence is being made to NyoriGreen Mining to obtain these licences which will be satisfied through the issue of over 1.0 million new shares at a price of 13.50 pence each.
Marula Chief Executive Officer Jason Brewer said: "The assay results have already indicated the area's potential for high-grade graphite mineralisation. Therefore, by expanding our license area we are poised to consolidate exploration activities in the target region."
Marula shares were down 0.3% to 8.63 pence each on the Aquis Exchange on Tuesday afternoon.
By Elijah Dale, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.