Buckreef tanzania gold

The Tanzanian Ministry of Minerals Mining Commission has granted the Mining Licence for Strandline Resources’ Fungoni heavy mineral sands project.

The grant of the Mining Licence is a major milestone allowing Strandline to finalise development plans, including completion of funding and pre-construction activities.

The company is required to formally accept the grant and pay a preparation fee within 28 days.

The Fungoni Definitive Feasibility Study (DFS), completed in October-2017, confirmed the project will be capital efficient, delivering strong financial returns and producing premium-quality zircon and titanium products that are in high demand.

The Fungoni project holds significant strategic relevance, as the first development within Strandline’s portfolio of mineral sands assets in Tanzania.

Strandline MD, Luke Graham notes that securing the Mining Licence for Fungoni is a crucial step in Strandline’s strategy to build a significant, low-cost mineral sands business in Tanzania.

“We thank the Tanzanian authorities for their endorsement of the Fungoni project, the development of which will bring significant value and benefits to all stakeholders,” comments Graham.

“Strandline is now a huge step closer to making the transition from explorer to developer and ultimately producer of mineral sands products for decades to come,” he continues.

The Fungoni project is favourably located ~25 km from the Dar es Salaam port in Tanzania.

The DFS, which was completed in October 2017, confirms the Fungoni project will deliver strong financial returns, is capital-efficient and produces premium-quality titanium and zircon products, ideally positioned to capitalise from the growing mineral sands market.

The Government of Tanzania has provided its endorsement for the development of the mine, with key project approvals in place, including the Mining Licence and Environmental Certificate.