Next Graphite has acquired the remaining 10% ownership interest of its earlier 90% owned mining rights to the 125,000 square acre .Aukam property and graphite mine in Namibia
The deal includes the company’s 140,000 tonne heaps and existing adit infrastructure.
Next Graphite bought 90% of the prospecting license and rights to carry out operations in the Aukam license area in November 2013 from the previous owner Gazania Investments Two Hundred and Forty Two (Proprietary).
Next Graphite signed a joint venture agreement with Micron Investments in June this year.
The deal allows Micron to earn up to 63% of the license after building a processing facility and meeting other stipulations favourable to Next Graphite.
Micron recently transitioned into a proposed acquisition by Caribou King Resources and the parties are now Next Graphite’s joint venture partner.
Next Graphite CEO Cliff Bream said: "The purchase of the remaining 10% ownership of the Aukam license is further evidence of the Company’s belief in the future mining potential of this large site.
"Our independent Preliminary Economic Assessment report stated that in addition to the valuable mining heaps already on the surface that can be commercialized, there is an estimated 4 million tonnes of reserve of high-grade graphite from hydrothermal source. We and our joint venture partner fully intend to exploit these resources."
The Aukam graphite mine was established in 1940 in the existing Republic of Namibia. It produced $30m of graphite at the current prices.