Magnis Resources has secured a special mining licence (SML) from the Tanzania ministry of energy and minerals (MEM) for its Nachu Graphite Project.
The SML, which has been granted to Magnis subsidiary Uranex Tanzania, will allow the firm to finalize funding arrangements for the further development of the project.
The firm’s proposal was initially evaluated by the MEM and then forwarded to the Mining Advisory Board (MAB) for its endorsement, to receive the grant of the SML.
Magnis Resources chairman Frank Poullas said: "Today is a landmark day for Magnis, receiving a SML for the Nachu Graphite Project and is a significant step towards our goal of production.
"Today’s announcement also allows the Company to finalise project funding.
"I would like to take the opportunity to thank the Minister of Energy and Minerals, the Hon. George Simbachawene, and the officers of the MEM for their support of the project."
According to the firm, SML is a superior licence to a mining licence (ML) as it covers projects with an investment over $100m.
The Nachu Graphite Project is spread across 199 km2 area and is situated west of the coastal city of Lindi and approximately 200km from the port city of Mtwara.
Image: Location of the Nachu Graphite Project. Photo: courtesy of Magnis Resources Limited.