AuKing Mining has signed a binding agreement to acquire all issued shares in Green Exploration, the Malawian subsidiary of Tusker Minerals, in a transaction valued at up to approximately A$4.85m ($3.4m).
The deal will see AuKing take control of several sites including the Machinga Rare Earth Elements Project (EPL 0529 and EPL 0705), as well as the Ngala Hill, Salambidwe and Karonga projects in Malawi.
Under the terms agreed between the two Australian-listed companies, Tusker Minerals will retain beneficial ownership of the Mzimba rutile project, which is scheduled for transfer out of Green Exploration following completion of the sale.
This arrangement replaces a previous agreement between the parties that focused solely on the Machinga Project.
The Machinga site is located within the extensive Chilwa Alkaline Province, which cuts through Proterozoic rocks including gneisses, granulites and amphibolites.
#machinga #project #mining
The deal will see AuKing take control of several sites including the Machinga Rare Earth Elements Project (EPL 0529 and EPL 0705), as well as the Ngala Hill, Salambidwe and Karonga projects in Malawi.
Under the terms agreed between the two Australian-listed companies, Tusker Minerals will retain beneficial ownership of the Mzimba rutile project, which is scheduled for transfer out of Green Exploration following completion of the sale.
This arrangement replaces a previous agreement between the parties that focused solely on the Machinga Project.
The Machinga site is located within the extensive Chilwa Alkaline Province, which cuts through Proterozoic rocks including gneisses, granulites and amphibolites.
#machinga #project #mining
1 month ago
