Perth, Australia, 10 Feb – Australian mining company Globe Metals and Mining has exercised its 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 Wednesday in Perth.
In a statement issued on its website, Globe Metals & Mining said that the five additional licenses, which were strategically located around its titanium/iron ore project in Memba, Nampula province, appeared to have good reserves of both titanium dioxide and high quality magnetite.
In a previous 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 will be able to 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 involved in the Memba project in partnership with South African mining company Mihandzu Minerals. (macauhub)