MRG Metals pursuing additional opportunities in Africa following JV MoU with Tianjin Lanqi Materials

MRG Metals (ASX:MRQ) is actively considering further growth opportunities in Africa after entering into a memorandum of understanding (MoU) with Tianjin Lanqi Materials for a joint venture operation on its Mozambique Corridor Sands projects.

Speaking to today (27 July 2023), MRG Chairman Andrew Van Der Zwan says MRG is “100% committed to drive the joint venture through to production” and while “we want to grow with our partner” it will also seek to grow independently.

“Really, for MRG our strength is that we’ve developed a low-cost exploration model and this joint venture, whilst we’ll be 100% focused working with LANQI, to develop and get this to mining, it allows us to use our strengths and continue to look at some of the other opportunities we’ve identified – some of which the market is aware of and some of which the market isn’t aware of.

“But there’s lots of opportunities in Africa that we’re looking at and this joint venture will allow us to do that”

But there’s lots of opportunities in Africa that we’re looking at and this joint venture will allow us to do that.”

The company is undertaking a 3-month due diligence process during which LANQI will send its technical team to Mozambique for field inspection and sampling of the Corridor projects. MRG will also send representatives to assist LANQI to carry out this work.

The Chairman notes, however, that MRG has already been working with LANQI for a couple of months, which means the due diligence process could be completed well within that timeframe.

Van Der Zwan adds that with the Corridor Sands projects MRG has discovered and is developing a potential mine operation of well in excess of 100 years of mine life, and as a junior explorer the company does not have the capital to do this alone.

Located at Tianjin City, LANQI is a professional investment company, mainly engaged in the mining business of ilmenite and zircon sands in other countries. LANQI has partnership separation plants in China. LANQI also imports ilmenite, zircon, rutile, and monazite concentrates and fine products from abroad and sells to end users in China.

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Images: MRG Metals Ltd
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Written By Carolyn Rebeiro
Joining from the West Coast, finance presenter Carolyn began her journalism degree in Townsville and developed a passion for mining news after a FIFO stint in WA's Goldfields.