Marula Mining signs a binding heads of agreement with Takela Mining Tanzania to secure a 75% share interest in the Nyorinyori graphite project in Manyara Region, Tanzania.

According to the terms of the agreement, Marula will pay a total of £400k (US$483k) in staged equity payments, fund US$100k for stage one exploration activities, complete a feasibility study, and make the final decision for project development. In recent years, Marula has increased its interest in Tanzanian mine projects, acquiring a 73% interest in the Bagamoyo graphite project in November 2022 from Kusini Gateway Industrial Park (KGIP), and increasing its stake in the Takela’s Kinusi copper mine from 49% to 75% in February 2023.

In recent years, Tanzanian projects have received investments despite the government’s ban on exporting raw materials for beneficiation outside of the country as of July 2017, with confidence from foreign investors appearing to have increased since the change in Tanzania’s government in March 2021. This includes Australian miner Walkabout Resources' Lindi Jumbo mine, scheduled to begin production in H1 2023 with a production capacity of 40ktpy graphite concentrate.