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Volt Resources announces Bunyu Mining licenses granted

Mining News - Published on Wed, 24 Oct 2018

Image Source: SteelGuru
Tanzanian-focused flake graphite development company Volt Resources Limited announced that it has been notified by the Mining Commission of the Ministry of Minerals of Tanzania of the grant of the two Mining Licences covering the respective Stage 1 and Stage 2 developments of the Bunyu Graphite Project.

The Mining Licences (ML's) have been granted subject to three conditions:

1. An acceptance of the boundaries and co-ordinates as per the application as amended;
2. Notice by the Company to accept the proposed licence; and
3. Payment of USD 1,000 in preparation fees for each licence.
Volt advises shareholders that it plans to accept or meet the licence conditions outlined above.

The grant of the mining licences is a major step forward, as the Company focuses on advancing the Bunyu Project towards Stage 1 production and follows the completion of the Stage 1 Feasibility Study and the finalisation of all required Environmental Approvals.

Bunvu Graphite Project - Accelerated Pathway to Production
As previously advised, Volt's near-term focus remains firmly on the successful completion of the proposed US$40 million Note Issue, for which an updated Prospectus and accompanying documentation has been lodged with the Tanzanian Capital Markets and Securities Authority ("CMSA") on 29 September 2018. This process continues to advance in line with previous guidance and further updates will be provided in due course.

Following the formal receipt of the ML's, the completion of the Tanzanian Note Issue for the Bunyu development and approval by the Volt Board, Volt's subsidiary Volt Graphite Tanzania Ltd (VGT) will proceed with front end engineering and design work for the initial Stage 1 operations and the ordering of long lead time components.

Concurrently with the Stage 1 development, VGT plans to be undertaking the Definitive Feasibility Study on the large-scale Stage 2 expansion at Bunyu.

Volfs Chairman, Asimwe Kabunga, commented: "This is a key milestone for Volt and our shareholders, as we have now effectively received all required primary development approvals in relation to our planned Stage 1 and 2 developments at the Bunyu graphite project in Tanzania. Volt has maintained a very transparent and positive dialogue with the Tanzanian authorities throughout the entire approvals process, and I would like to thank the relevant authorities for their support and input towards achieving these key approvals. The Company looks forward to continuing to work with the Tanzanian authorities over the coming months as we near the start-up of operations from our Stage 1 development."

Source :

Posted By : Rabi Wangkhem on Wed, 24 Oct 2018
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