Marula Mining PLC - battery metals mine developer with projects in South Africa, Tanzania and Zambia - Nyorinyori and NyoriGreen graphite projects in Tanzania, east Africa, are granted seven new mining licenses. Takela Mining Tanzania Ltd and NyoriGreen Mining Ltd had applied for the licenses last month. They run for seven years, and Marula has a 75% commercial interest. Marula pays TMT and NML USD25,000 per license from the issue of 1.1 million new Marula shares in total at a price of 13.5 pence.
"By securing these licenses and incorporating them into the commercial and technical services agreements Marula has with TMT and NML, we are able to strengthen our position in the area and consolidate our exploration activities at the projects so that we can continue to target locations of prospective high-grade graphite mineralisation," explains Marula Chief Executive Officer Jason Brewer.
Marula also hires Collins Aseto to be head of exploration in East Africa. Aseto is a geoscientist with over 15 years of mining experience, Marula says. He previously worked at Lonmin PLC and Anglo American PLC.
Current stock price: 11.75p
12-month change: up from 6.00p
By Tom Waite, Alliance News editor
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