Marula Mining secures option on the Bagamoyo graphite’s project in Tanzania

Marula Mining, a London-based company, has signed a binding heads agreement with Kusini Gateway Industrial Park Tanzania (KGIP), to obtain a 73% commercial interest in Bagamoyo graphite’s project.

The project covers extends over an area of approx 180 hectares and comprises 22 granted graphite mining licenses

These licences are valid from August 2029 to seven years. They are located in Bagamoyo, a district in the Pwanai Region. This region is experiencing increasing graphite mining activity and exploration.

Marula’s battery-metals strategy is in alignment with this transaction, especially for projects that could rapidly move to production.

Marula will pay all exploration and development costs for the project, including the initial exploration programme. This program will be implemented across all 22 licenses.

As part of Phase 1, Marula will target high-grade, large flake and jumbo graphite mineralisation. Marula can then proceed with additional exploration and feasibility studies for up to ten licences as part of Phase 2.

Marula must pay KGIP $50 000 a license, which includes 50% cash and 50% ordinary shares.

Phase 2 requires that a minimum of $500 000 be spent over a period of ten months and that an economic study is completed to determine if a graphite mining or processing operation can be established.

If Marula decides that it wants to mine, the final payment to KGIP will be made at the end of Phase 2. It will pay $100 000 equally in cash and shares.

Marula’s senior management, as well as technical consultants, will meet with KGIP at Dar es Salaam in December to discuss activities on the site that began in January.

Jason Brewer, Marula Mining PLC CEO said: “I am delighted to confirm that Marula Mining continues to grow its assets and strengthen its strategy in the battery metals sector. This agreement with KGIP is a great push towards supporting the global transition to clean energy and clearly outlines Marula’s growing position in the critical metals sector and our ambitions to build our business here in Africa.

“Tanzania now hosts two of our current mineral assets, and we are glad to continue consolidating relations in the region.

“Our management team is looking forward to working hand in hand with the KGIP team and in commencing our initial exploration and site activities in the New Year.

“Graphite is an essential ingredient in the manufacture of electric vehicle batteries, and as global demand for electric vehicles is expected to drive a massive increase in demand for graphite, we intend to position Marula as best as we can to mine and supply graphite to global markets.

Saeed Cabdalla, KGIP COO, says Marula will add credibility to the East African region as well as the sector of battery metals. Marula’s vast experience and expertise will be leveraged by the company throughout this partnership, to help develop a graphite mine.

Marula has also signed a binding heads agreement with Takela Mining in Tanzania for a 49% interest in the Kinusi copper project. This includes ten copper mining licenses.

About Marula Mining

Marula Mining (AQSE: MARU) is an African-focused battery metals investment and exploration company and has interests in several high value mine projects in Africa; Blesberg Lithium and Tantalum Mine in South Africa, Nkombwa Hill Project in Zambia and Kinusi Copper Mine and Bagamoyo Graphite Project both in Tanzania. As we advance operations in the projects, Marula is open to looking into other high-quality commodities in several jurisdictions.

Marula aims at identifying and investing in advanced and high-value mining projects throughout East, Central and Southern Africa that can deliver rapidly for its shareholders and can be taken through to production and generate positive returns for all stakeholders. Our Board and management team aims to establish Marula as a socially and environmentally responsible, sustainable, and profitable producer of critical metals and commodities that are of increasingly strategic importance to modern technologies and the global economy.

Marula’s shares are quoted on the AQUIS Stock Exchange (AQSE) and is exploring opportunities to dual list on the London Stock Exchange’s AIM Market and Kenya’s Nairobi Securities Exchange.

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