Magnis Resources Limited (ASX:MNS) (“Magnis”) or the (“Company”) is pleased to announce that a Special Mining Licence (SML) SML 550/2015 for the Nachu Graphite Project has been granted on the 7th September 2015 by the Ministry of Energy and Minerals (MEM) of Tanzania.
The granting of the SML is the key approval for the project and allows the Company to move forward with finalising funding arrangements for the further development of the project. The SML has been granted to Uranex Tanzania Ltd, the 100% owned Tanzanian subsidiary of Magnis.
To receive the grant of the SML, the Company’s application was initially assessed by the MEM and then recommended to the Mining Advisory Board (MAB) for its endorsement.
Chairman Frank Poullas commented: “Today is a landmark day for Magnis, receiving a SML for the Nachu Graphite Project and is a significant step towards our goal of production. Today’s announcement also allows the Company to finalise project funding.”
“I would like to take the opportunity to thank the Minister of Energy and Minerals, the Hon. George Simbachawene, and the officers of the MEM for their support of the project. We would also like to thank the MAB for their approval of the SML and our team in Tanzania for their tireless efforts in achieving this milestone.”
“We look forward to concluding our Mineral Development Agreement (MDA) with the Ministry in the near future as the MDA has been taken to the advanced final stages of negotiations.”
A SML is a superior licence to a Mining Licence (ML) as it encompasses projects with an investment over US$100 million. The Company applied for the SML in preference to a standard ML for the following reasons:
Mr Frank Poullas - Chairman
Magnis Resources Limited