Evolution Energy Minerals (ASX:EV1) has been informed by the Government of Tanzania that a formal signing ceremony before the country’s President Samia Suluhu Hassan, for its framework and shareholders agreements has been set.
The company says the signing date has been scheduled for 17 April 2023.
The agreements relate to the arrangements for the ownership, development, and management of Evolution Energy’s Chilalo Graphite Project.
On 8 March 2023, following a meeting with the Special Presidential Government Negotiating Team and review by the Attorney General, the agreements were put in place.
Evolution Energy Minerals says completion of the agreements next week is a critically important step forward in the development of Chilalo.
Under the framework agreement, the Tanzanian government has agreed to facilitate the procurement of the rights, permits, and approvals necessary for the establishment, development, and operation of Chilalo, subject to Kudu’s compliance with Tanzanian procedural and statutory requirements. Fiscal and taxation assumptions and arrangements reflect current Tanzanian legislation and regulatory requirements.
The shareholders agreement outlines the relationship between the company’s wholly owned subsidiary Evolution Energy Minerals UK (EEMUK) and the Tanzanian government, confirming the parties’ shareholding in Kudu and the board structure. The board of Kudu will consist of 3 directors (including the chair) nominated by EEMUK and 2 directors nominated by the Tanzanian government.
Write to Adam Orlando at Mining.com.au
Images: Evolution Energy Minerals Ltd