Exploration activity at the Mahenge Graphite Project in Tanzania.PHOTO|FILE
By The citizen Reporter
In Summary
At the Mahenge graphite project the drilling
programme that commenced in March remains on schedule despite progress
being hampered by heavy rainfall.
Hong Kong. Kibaran Resources,
which is listed on the Australian Stock Exchange has signed a
three-month extension to the existing memorandum of understanding to
consolidate its Merelani-Arusha Graphite Project with the Richland
Group’s graphite assets in Tanzania.
Kibaran has now largely completed its due
diligence and is working with Richland to finalise the terms of the
agreement.Both groups are keen to finalise the agreement to allow the
restart of graphite production at Merelani.
At the Mahenge graphite project the drilling
programme that commenced in March remains on schedule despite progress
being hampered by heavy rainfall. The Environmental and Social Impact
Assessment work, required for the Mining Licence application is ahead of
schedule. The Environmental Consultant has completed the scoping study,
which will be submitted to the Tanzanian National Environment
Management Council soon for approval. The study could be approved by the
end of May, allowing the next stage of field work to commence. Kibaran
remains globally one of few listed companies with a sales partnership
and binding offtake agreement for the graphite sale. In late December
2013, it signed a binding offtake agreement with a sophisticated
European graphite trader.
The off-take agreement to purchase 10,000 tonnes
of flake graphite concentrate per year, over a 5 plus 5 year period,
provides an independent endorsement of the quality and commercial appeal
of graphite at the Epanko deposit. Graphite is regarded as a critical
material for future global industrial growth, destined for high
technology applications including nuclear reactors and lithium-ion
battery manufacturing. (Agencies)
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