Australian mining company Mustang Resources in April will acquire majority stakes in two more mining licenses in Mozambique in order to expand the Balama graphite project, the company said in a statement.
In information sent to shareholders, director Christian Jordaan said the company would exercise the right to acquire a 90 percent stake in license 6363L and 95 percent in license 7560L, both granted in September 2015 to Regius Resources Group Limited.
Regius Resources was founded by Cobus van Wyk, Felicio Zacarias, Christian Jordaan, Graca Ferreira and Helmer Manjate and focuses its activities on the acquisition and development of mining and energy assets in Africa.
The acquisition of these two licenses, covering an area of 2,085 square kilometres, is dependent upon the payment to the Regius Resources Group Limited of US$50,000 by15 April 2016.
With these two new licenses, Mustang Resources now holds eight licenses for mineral exploration in the province of Cabo Delgado, where large graphite deposits have been discovered.
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