Posted on :Tuesday , 25th April 2023
The Tanzanian Government has signed agreements with three Australian mineral companies for the development of rare earth and graphite mines in the country.
Agreements totalling $667 million were signed with mineral exploration companies Evolution Energy Minerals, EcoGraf, and Peak Rare Earths. Peak Rare Earths will mine minerals in Ngualla, the southwest region of the country; Evolution Energy Minerals will mine graphite in the southern region; while EcoGraf will mine graphite in the eastern region as well as minerals in the north.
According to Palamagamba Kabudi, Chairman of the Government of Tanzaniaâ€™s negotiating team, the Government will hold a 16 percent stake each of the jointly established companies that would operate the projects.
The agreements fall under the Governmentâ€™s drive to accelerate negotiations regarding long-pending mining and energy projects.