Tirupati Graphite

ASX-listed energy minerals developer Walkabout Resources has exercised its option to acquire the remaining 30% of the prospecting licence hosting the Lindi Jumbo graphite deposit in Tanzania.

The application for transfer has now been registered with the Ministry of Minerals, Tanzania.

“The purchase of the remaining 30% of the project will see a huge value-adding transaction into the company. The passing of this significant project milestone is indicative of the confidence that management has in the project and in the subsequent progression of events in Tanzania,” says Walkabout Resources executive chairman Trevor Benson.

The company now owns 100% of tenement PL9992/2014, a part of which is the subject of a pending mining licence application, ML/00638/2017, which means that Lindi Jumbo Limited, a wholly owned subsidiary of Walkabout Resources, will hold 100% of the Lindi Jumbo graphite mine.

In line with the vendor agreement of May 2015, the contracted purchase price is US$1 million for the remaining 30% not held by Walkabout Resources. This transaction now terminates the Joint Venture between the vendor and the company in respect of the project mining licence area and PL9992/2014.

With respect to the progress of the Lindi Jumbo mining licence application, the company remains highly encouraged by recent communications from the Ministry of Minerals of Tanzania. Discussions in Dodoma held on 25 May 2018 between Walkabout Resources and the Ministry confirmed that licence applications were due for issue in large batches until the backlog has been depleted.