Marula Mining is an African focused battery metals investment and exploration company and has interests in several high value mine projects in Africa
The Commercial Agreements replace the binding heads of agreements with Takel. (Credit: Albert Hyseni on Unsplash)
Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to provide an update on the execution of formal documentation in regards to its investments in Tanzania at the Kinusi Copper Project (“Kinusi”) and the Nyorinyori and Bagamoyo Graphite Projects (the “Commercial Agreements”).
The Company advises that Commercial Agreements have now been entered into with Takela Mining Tanzania Limited (“Takela”) on both the Kinusi and the Nyorinyori Graphite Project (“Nyorinyori”), and with Kusini Gateway Industrial Park Limited (“KGIP”) on the Bagamoyo Graphite Project (“Bagamoyo”).
These Commercial Agreements replace the binding heads of agreements with Takela that were announced on 4 October 2022 and 20 February 2023 in respect of the 75% commercial interest in Kinusi and on 17 February 2023 in respect of the 75% commercial interest in Nyorinyori and the binding heads of agreement with KGIP announced on 30 November 2022 in respect of the 73% interest in Bagamoyo.
The terms and obligations of Marula’s investment in each of these projects, including inter alia timelines and milestones to advance the projects through to development and the consideration that is due on each key technical milestone being achieved, are set out within the Commercial Agreements.
The Commercial Agreements have been entered into on the same commercial terms and conditions and obligations as those previously agreed to in the binding terms sheets previously signed between the parties and as disclosed in previous announcements by the Company.
Jason Brewer, Marula Mining PLC CEO said:
“I am delighted to confirm that the formal legal documentation on our investment in each of our three Tanzanian projects has now been completed and the Commercial Agreements have been signed by all parties. This is another positive development for Marula and for our mining and development activities.
“We are excited to continue the advancement of Kinusi, Nyorinyori and Bagamoyo and it is pleasing to see what we have achieved at these projects in recent months. I look forward to updating our shareholders and stakeholders alike, on our progress on the projects.
“Marula continues to grow its assets and further expand its footprint in the critical metals sector, outlining our commitment to supporting the global transition to clean energy. Tanzania is an exciting jurisdiction to be working in, and we are extremely pleased to be working alongside both Takela and KGIP.”
Edward Ruheni, Director of Takela, said:
“The team at Takela is pleased to mark the formal completion of these Commercial Agreements with Marula on both the Kinusi Copper and Nyorinyori Graphite projects. We look forward to building on our partnership with Marula.”
Saeed Cabdella, COO of KGIP, said:
“This is an important milestone for both KGIP and Marula. We are pleased with the developments at Bagamoyo thus far, and especially the recent news on the two major graphite prospects that were observed during the Phase 1 Program of exploration. We value this partnership with Marula and look forward to the next phase of work at Bagamoyo and also exploring other opportunities with the Marula team here in Tanzania.”
The Directors of Marula are responsible for the contents of this announcement. This announcement contains inside information for the purposes of UK Market Abuse Regulation.
Source: Company Press Release