Australian group Baobab Resources, via its subsidiary Capitol Resources Limitada, has signed a partnership agreement with another Australian group, Metals of Africa Limited to explore a mining concession in Mozambique, the company said.
In a statement issued Wednesday Baobab Resources also said that the partnership agreement with Afriminas Minerais Limitada, a subsidiary of the Metals of Africa Limited group, depended on approval by shareholders, who would attend a general meeting soon.
Baobab’s Changara mining license covers an area of 525 square kilometres next to the Mazoe River. The Metals of Africa license covers an area of 825 square kilometres.
With this partnership, which is set out for a period of four years and in three stages, the two groups planned to speed up exploration of the Changara concession where Baobab Resources has identified numerous lead, zinc, silver, and manganese deposits. (macauhub)