Mining

Mozambique: Mustang Resources acquires two graphite exploration licences in Balama

Tuesday, 29 March 2016 21:08

ASX-listed Australian miner Mustang Resources Ltd, told its shareholders on March 25, 2016, it will acquire 90% of shareholding rights to n°6363L graphite exploration licence, and 95% rights to the n°7560L exploration licence, in Balama, Mozambique.

The two licences that cover 2,085 km2 were transferred to Regius Resources group Ltd in September 2015. The transaction will be effective only after Mustang Resources pays Regius Resources $50,000, by April 15, 2015.

The firm said electro-magnetic surveys conducted in both licence areas identified various priority targets for exploratory drilling, with a high potential for the discovery of high-grade graphite deposits.

“Both licences areas yielded well-defined EM anomalies. These anomalies were prioritized and warrant immediate follow-up exploration,” said Christian Jordaan, Mustang Resources Managing Director.

Mustang Resources Ltd, formerly OGI Group Ltd, is also active in the exploration and exploitation of diamond in Mozambique. It is in charge of the Save River diamond project, in the South of Mozambique, near the Zimbabwe border where it has two exploration licences, 4525L, which covers about 24km2, and 4969L, which covers about 220km2.

Louis-Nino Kansoun

On the same topic
Rio Tinto, Angola launch joint venture for Chiri diamond project Site could become Angola’s third producing mine, minister says Move aligns...
Q1 production falls 4% due to lower output in Zambia Annual guidance increased with contribution from Cobre Panamá Additional volumes come...
Company invests $20.2 million for a 9.9% stake in Altair Minerals Partnership targets development of the Greater Oko gold project Move...
Lagos secures 400 MW from private producers for essential services Reform allows the state to regulate and distribute electricity...
Most Read
01

Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...

Two Other African-focused Private Equity Firms to Snap Up assets shed by Global Majors
02

Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...

Enko Capital Buys Burger King Côte d’Ivoire in Servair Restructuring
03

Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...

Libya Opens Dollar Sales to Ease Pressure on Dinar and Prices
04

From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...

Weekly Health Update | Vaccination Gains Advance in Africa; Antimalarial Resistance Threatens Progress
05

As the Japanese automaker faces global headwinds, it is doubling down on its operations in Egypt, ai...

From South Africa to Egypt: Why Nissan is reshaping its African strategy
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.