Volt Resources, a Tanzanian-focused flake graphite development company, has formally been granted mining licenses ML 591/2018 and ML 592/2018 from the Mining Commission of the Ministry of Minerals of Tanzania.
Image: Stage 1 and Stage 2 Project layout. Photo: courtesy of Volt Resources Limited.
As previously advised the two Mining Licences cover the respective Stage 1 and Stage 2 developments of the Bunyu Graphite Project.
The two ML’s cover a combined area of 17.71km2 and provide Volt with the exclusive right to develop the graphite resources in the ML area. The ML’s are effective for a period of 10 years and there is a right of further 10 year renewals under section 53 of the Mining Act.
Now that the Company has formally received the ML’s, the completion of the Tanzanian Note Issue for the Bunyu development is the remaining key milestone prior to Volt’s subsidiary Volt Graphite Tanzania Ltd (VGT) proceeding with front end engineering and design work for the initial Stage 1 operations and the ordering of long lead time components.
Concurrently with the Stage 1 development, VGT plans to be undertaking the Definitive Feasibility Study on the large-scale Stage 2 expansion at Bunyu.
Source: Company Press Release