Evolution Energy extends Chilalo tenure

Evolution Energy Minerals (ASX:EV1) has been granted a new mining licence from the Government of Tanzania covering the entire area of the Chilalo Graphite Project. 

The new mining licence has a term of 10 years with a potential renewal for an additional 10 years. 

Further to the mining licence, Evolution, which has a $33.41 million market capitalisation, expects that the grant of a single prospecting licence — with a refreshed 9-year term and that covers the area of its 4 previous prospecting licences — is imminent. 

Commenting on the new licence, Evolution Energy Minerals Managing Director Phil Hoskins says: “We are extremely pleased to have been granted the new mining licence over the Chilalo Project area, refreshing and extending our tenure for at least the next 10 years. 

This is a key requirement of project financiers undertaking due diligence on the debt finance”

This is a key requirement of project financiers undertaking due diligence on the debt finance. The granting of the new prospecting licence with a 9-year term will provide a great deal of flexibility management of our exploration program.”

The granting of the new mining licence was a requirement of project financiers given the superseded mining licence was due to expire in 2027. 

Evolution Energy Minerals is an ASX-listed graphite company focused on its Chilalo Graphite Project in Tanzania. As of 30 June 2023, the company had $4.4 million cash at hand, according to its latest quarterly report.

Write to Aaliyah Rogan at Mining.com.au      

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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.