Marula Mining and Partners Secure New Graphite Licenses in Recent Agreement
- 23-Jan-2024 4:35 PM
- Journalist: Harold Finch
Marula Mining, a prominent player in the mining and development sector with a dedicated focus on Africa, recently unveiled a noteworthy achievement — the successful acquisition of seven new Mining Licence Applications (MLAs). These applications, jointly submitted by Takela Mining Tanzania Limited (TMT) and NyoriGreen Mining Limited (NML), specifically target the Nyorinyori Graphite Project and the NyoriGreen Graphite Project, both strategically located in Tanzania. The regulatory authorities have granted approval for these new mining licenses, representing a pivotal milestone in Marula Mining's strategic initiatives within the graphite sector.
The newly acquired mining licenses come with a validity period of seven years, with effect from January 10, 2024. In a strategic move, these licenses are seamlessly integrated into the existing commercial and technical services agreements that Marula has established with TMT and NML. Through these agreements, Marula secures a substantial 75% commercial interest, emphasizing the company's commitment to driving exploration, mining, and development activities in the region.
As part of the agreement terms, an upfront consideration of US$25,000 per license is extended to TMT and NML. This consideration has been duly satisfied through the issuance of a total of 1,050,000 new ordinary shares in Marula Mining. Each new ordinary share holds an individual valuation of 13.5 pence. Notably, TMT is granted 450,000 Consideration Shares in recognition of the three new mining licenses granted at Nyorinyori, while NML receives 600,000 Consideration Shares for the four new mining licenses granted at NyoriGreen.
Marula Mining, expressing satisfaction with the successful completion of the Phase 1 Programme at Nyorinyori and NyoriGreen, is poised for a significant expansion in its exploration and development activities. The addition of these seven highly prospective graphite mining licenses amplifies the company's strategic position in the region. The integration of these licenses into existing agreements with TMT and NML serves as a robust consolidation strategy, enabling Marula to channel its exploration efforts more effectively and target areas with significant potential for high-grade graphite mineralization.
The support garnered from TMT and NML, coupled with recommendations from esteemed geological consultants, Geofields, positions Marula Mining advantageously for the Phase 2 Programme of exploration activities at the Nyorinyori and NyoriGreen Projects. The strategic acquisition of these mining licenses underlines Marula Mining's unwavering commitment to sustainable growth and exploration, particularly within the highly promising graphite sector. This move not only strengthens Marula's presence but also reaffirms its dedication to advancing the mining industry in the African region.