Africa-focused mining and development company Marula Mining has entered into commercial agreement with Takela Mining Tanzania on both the Kinusi copper project and the Nyorinyori graphite project, and with Kusini Gateway Industrial Park (KGIP) on the Bagamoyo graphite project.
These commercial agreements replace the binding heads of agreements with Takela that were announced on October 4, 2022, and February 20 in respect of the 75% commercial interest in Kinusi and on February 17 in respect of the 75% commercial interest in Nyorinyori and the binding heads of agreement with KGIP announced on November 30, 2022, in respect of the 73% interest in Bagamoyo.
The terms and obligations of Marula’s investment in each of these projects, including 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 term sheets signed between the parties.
“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,” comments Marula CEO Jason Brewer.
“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,” he adds.
“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 programme 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,” says KGIP COO Saeed Cabdella.