Australian mining company Globe Metals & Mining guarantees option to buy mining licenses in Mozambique

6 January 2012

Perth, Australia, 6 June – Australian mining company Globe Metals and Mining has guaranteed an option to buy up to 90 percent of five additional mining licenses next to its Memba ilmenite and iron-vanadium project in Mozambique’s Nampula province, the company said Thursday.

In a statement issued on its website, Globe Metals & Mining said that the option came in two phases, the first of which would give the company an 80 percent stake achieved through phased investment in mining programmes.

Five years later, Globe Metals & Mining can acquire an additional 10 percent from Mozambican company Siexpo Lda, which owns the five licenses covering an area of 1,000 square kilometres.

The Australian company is already involved in the Memba project, in partnership with South African company Mihandzu Minerals, where samples have shown deposits containing high purity titanium and additional vanadium.

As well as this an area containing high quality magnetite was also found in two samples containing 66.8 percent iron. (macauhub)