Marula Mining, Takela inks binding heads of agreement for Nyorinyori Graphite Project
Marula Mining, has entered into a binding heads of agreement with Tanzanian mining company, Takela Mining Tanzania Limited, to secure a 75% interest in 10 granted graphite licences that make up the Nyorinyori Graphite Project, located in the Simanjiro District, in the Manyara Region of Tanzania, for a total consideration of up to £400,000 through staged equity payments and subject to certain milestones being achieved.
The signing of the Agreement with Takela further strengthens the Company’s position both in graphite in Tanzania, and in the battery metals sector, with Marula holding project interests in lithium, graphite, copper, niobium, tantalum and rare earths metals.
The Agreement with Takela is in addition to the 49% commercial interest the Company secured in the Kinusi copper mining project located in Tanzania through Takela, as previously announced on 4 October 2022. Takela is the 100% holder of 10 primary mining licences located in the Nyorinyori area in Simanjiro District, in the Manyara Region of Tanzania. The Licences are contiguous and extend over a combined area of approx. 86 hectares and are valid for a 7-year period to 2 February 2030 to allow the holder to prospect and mine for graphite.
Admission
Application has been made for the 1,333,333 Initial Consideration Shares to be admitted to trading on the Aquis Stock Exchange Growth Market on or around 23 February 2023 and will rank pari passu with the ordinary shares of the Company in issue.
Following Admission, the Company’s issued share capital will comprise 106,053,081 ordinary shares of 0.01p each, with each share carrying the right to one vote, therefore the total number of voting rights in the Company will be 106,053,081. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
“Once again, and in line with our strategy, I am delighted to share that with this agreement, Marula has further expanded its footprint in the battery metal sector. Tanzania is a jurisdiction we are becoming familiar with and the team at Takela is one that we are comfortable working with and whom have already demonstrated an ability at identifying high-value and near term mining opportunities.
“Our decision to expand our interest in the graphite sector, is attributable to both the opportunities we see in Tanzania and the positive outlook for the sector and demand for graphite which makes it an essential component in many green energy technologies, including electric vehicle batteries and hydrogen fuel cells. We intend to continue to position ourselves strategically in Tanzania and broader afield in East Africa. We are extremely happy to have worked with Takela again on this agreement and we look forward to exploring what the Directors believe is an exciting project with their team and where already we are able to observe shallow graphite mineralisation across the license area. We look forward to updating shareholders on our progress and further developments in Tanzania,” said Jason Brewer, Marula Mining PLC CEO.
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, Bagamoyo Graphite Project and Nyorinyori Graphite Project in Tanzania.
