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Marula Mining PLC - Haywards Heath, England-based mining services investor - Buys 49% interest in Kinisu copper mining project from Takela Mining Tanzania Ltd. Says licenses are valid for seven years, until end of September 2029. Through the agreement, Marula receives 49% interest in ten mining licenses through a binding ‘heads of agreement’ with Takela. They are located in Kinusi in Mpwapwa District in the Dodoma region of central Tanzania.
Marula has paid $50,000 to Takela in costs and will issue 4.5 million shares at 2.0 pence each to Takela, subject to a 12-month lock-up period.
Samples of copper ore mined in shallow pits of the licenses reported up to 31% copper with a hand-held x-ray fluorescent analyser, Marula explained.
Marula Chief Executive Officer Jason Brewer says: ‘The investment with Takela on their licences and their small scale and high-grade copper mining activities adds to our portfolio of investments in green transition metal assets. Copper in Africa is a natural fit for Marula and our strategy given its use in electric vehicles and the associated infrastructure, and renewable energy such as wind turbines, and its location.’
Current stock price: 2.4 pence
12-month change: unchanged from July 5
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