4th Oct 2022 12:22
Marula Mining PLC - Haywards Heath, England-based mining services investor - Buys 49% interest in Kinisu copper mining project from Takela Mining Tanzania Ltd. Says licenses are valid for seven years, until end of September 2029. Through the agreement, Marula receives 49% interest in ten mining licenses through a binding "heads of agreement" with Takela. They are located in Kinusi in Mpwapwa District in the Dodoma region of central Tanzania.
Marula has paid USD50,000 to Takela in costs and will issue 4.5 million shares at 2.0 pence each to Takela, subject to a 12-month lock-up period.
Samples of copper ore mined in shallow pits of the licenses reported up to 31% copper with a hand-held x-ray fluorescent analyser, Marula explained.
Marula Chief Executive Officer Jason Brewer says: "The investment with Takela on their licences and their small scale and high-grade copper mining activities adds to our portfolio of investments in green transition metal assets. Copper in Africa is a natural fit for Marula and our strategy given its use in electric vehicles and the associated infrastructure, and renewable energy such as wind turbines, and its location."
Current stock price: 2.4 pence
12-month change: unchanged from July 5
By Tom Budszus; [email protected]
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