Tanzania – The granting of the mining licence is a key approval required for the development of Chilalo and satisfies an important requirement in the negotiation of agreements for offtake and financing with its project partners, CN Docking Joint Investment & Development, a subsidiary of China National Building Materials and China Gold Group Investment Co. Ltd.
Graphex was created by a spin-off of IMX Resources’ Chilalo project in Tanzania with a strategy as a pure play graphite company to fast-track development.
“Securing the mining licence is a significant step towards our objective of commencing project development and commercial production at Chilalo,” says Graphex Mining MD Phil Hoskins.
[quote]“It further de-risks the project and confirms Chilalo’s position as one of the most advanced graphite projects of any company listed on the ASX. We continue to make progress with our project partners regarding offtake and finance for the development of Chilalo and the receipt of the mining licence, combined with the expected near-term conclusion of their technical due diligence, will allow these negotiations to move to a more advanced stage.”
“I would also like to convey our appreciation of the support from the Ministry for Energy and Minerals and the efforts of officers within the Ministry in processing our mining licence application.”
The mining licence covers an area of 10 km² and has been granted for a period of 10 years. Mining licences can be renewed following the initial 10 year period and, if an area greater than 10 km² is required, additional mining licences can be applied for.
Graphex Mining also advises that assay results from recently completed drilling of high conductance targets at Chilalo are expected to be released shortly and these will allow for preparation of an updated mineral resource estimate.