Magnis Energy Technologies through its Tanzanian subsidiary Uranex Tanzania Limited owns a 100% interest in the Nachu graphite project located near Ruangwa, in the south-east of Tanzania. The project is approximately 220km away from the Tanzanian port of Mtwara. The Nachu Project demonstrates significant potential due to its large size, an orebody with very low variation in lithology and mineralisation and low-cost operational model.
Special Economic ZoneThe Export Processing Zones Authority (EPZA) in 2017 granted Magnis a licence to operate within a Special Export Zone (SEZ) in Tanzania with a 10-year SEZ licence. This was renewed in May-2021.
Key benefits of the SEZ license:
- Will allow Magnis to apply the advanced technologies to produce value enhanced graphite products.
- The legislation provides incentives for companies to create value addition and advance employment and development of the country.
- The exemption from payment of corporate tax for up to 10 years, the exemption of taxes and duties for machinery, equipment and construction materials for the development of SEZ infrastructure and the exemption from payment of withholding tax on rent, dividends and interest for 10 years.
Magnis' Tanzanian EntitiesMagnis Energy Technologies subsidiary, Uranex was granted a Special Mining Licence SML No. 550/2015 by the Government of Tanzania on 9th September, 2015 after graphite mineral exploration.
Nachu processing plant will operate under Magnis Technologies Tanzania Limited (MTT), a wholly-owned subsidiary of Magnis, in the SEZ licence area.