Australian Company Granted License for Chilalo Graphite Project
The Tanzanian Ministry of Energy and
Minerals recently granted a 10-year mining license to Australian resource
company Graphex Mining (ASX:GPX) for the Chilalo graphite project in south-east
Tanzania.
The mining license has been granted for a
period of 10 years and covers an area of 10sq. km (the Shimba graphite deposit
at Chilalo).
Phil Hoskins, Managing Director of Graphex,
said: “Securing the mining license is a significant step towards our objective
of commencing project development and commercial production at Chilalo.” He
added: “We continue to make progress with our project partners regarding
offtake and finance for the development of Chilalo and the receipt of the
mining license, combined with the expected near-term conclusion of their
technical due diligence, will allow these negotiations to move to a more
advanced stage.
” Chilalo Graphite Project The
Chilalo graphite project is located in south east Tanzania, within the
Mozambique belt, which is well known for hosting some of the world’s highest
grade and coarse flake graphite deposits.
Average annual production is
expected to be 69,000t of graphite concentrate over 10 years. Graphex indicates
that the Shimba deposit has a total resource (indicated and inferred) of 25.
1m t; however, after a recent
drilling program, Graphex has identified a new mineralized zone 200–300 meters
north of Shimba.
Accordingly, this will underpin an
increase in the Shimba mineral resource estimate, which is expected to be
announced in the near future, Graphex notes. Hoskins commented:
“We have still only scratched the
surface on our tenements and I expect additional exploration to be carried out
following the finalization of project offtake negotiations.
Given the number of untested targets,
Chilalo has the potential to host one of the world’s largest graphite
resources.”
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