Kibaran has entered into a three month extension to the existing memorandum of understanding (MoU) to form a joint venture to consolidate its Merelani - Arusha Graphite project in Tanzania with Richland Resources’ graphite assets.
Richland’s Merelani graphite assets are located within the mining license area jointly licensed on a 50/50 basis to TanzaniteOne Mining, a wholly-owned subsidiary of Richland, and the State Mining (STAMICO), a Tanzanian government parastatal.
Kibaran has competed due diligence and the parties are now working to finalize the terms of the agreement resume graphite production at Merelani.
Meanwhile, Kibaran said that the drilling program at its Mahenge Graphite project commenced in March.
The Environmental and Social Impact Assessment (ESIA) work, required for the Mining Licence application is ongoing.
The scoping study has been completed and will be submitted to the Tanzanian National Environmental Management Council (NEMC) for approval expected by the end of this month, following which the next stage of field work will commence.