Marula to purchase NCLT in South Africa
Marula Mining has announced plans to purchase South African mining and exploration company Northern Cape Lithium and Tungsten (NCLT).
The acquisition involves obtaining 100% of the shares of NCLT. The commercial terms of the deal include an initial cash payment of approximately £125,000 to NCLT’s existing shareholders, followed by further payments totaling £1.25 million, which are due on or before 31 July 2024 and 30 September 2024. These payments can be made in cash or through share settlements.
NCLT Project
The NCLT Project sits on 15,000 hectares of the Vioolsdrift Farm and is located adjacent to Marula Mining’s Blesberg lithium and tantalum mine. The project includes over 16 known tungsten deposits and historical high-grade mining operations. It also features the Spodumene Kop II Pegmatite and the Groendoorn Pegmatite Field, which have been previously mined for various minerals.
Marula Mining’s due diligence has confirmed the high-grade nature of the tungsten and tantalum mineralization at the NCLT Project. CEO Jason Brewer highlighted the project’s potential, mentioning the shallow open castable Kaalbeen, Koubank, and Isis operations for tungsten and the pegmatites at Spodumene Kop II and Groendoorn for tantalite, spodumene, and industrial minerals.
This acquisition not only expands Marula Mining’s portfolio and geographic footprint in South Africa but also provides an opportunity to leverage infrastructure at Blesberg, positioning the company as a fast-emerging and growth-focused player in the South African mining sector. The firm also invested in Larisoro manganese mine in Kenya.
