At the signing ceremony held on 13th December 2021, attended by the President of Tanzania, Her Excellency Samia Suluhu Hassan, the Minister of Minerals Hon. Doto Biteko (MP) signed the Agreement with Black Rock, confirming the Government’s commitment to jointly develop the Mahenge Graphite Mine. Under the Agreement, the following structure has been agreed: • A Joint Venture (JV) Company, Faru Graphite Corporation (Faru), has been established to develop the Mahenge Graphite Mine. The Tanzanian Government will own a 16% undiluted free-carried interest shareholding in Faru, with 84% owned by Black Rock via its wholly owned UK subsidiary company, Mahenge Resources Limited; • A Special Mining Licence (SML) will be granted to unify existing Mining Licences ML 611/2019 and ML 612/2019 and a part of Prospecting Licence PL 13752/2019; • Existing approved Environmental Permits and Resettlement Action Plans granted to ML’s 611 and 612 will be grandfathered to the SML.
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