Marula Mining, through its subsidiary Southern African Lithium and Tantalum Mining, has reached an agreement to acquire a comprehensive lithium, tungsten and tantalum project located in South Africa. The deal involves the acquisition of 100% of Northern Cape Lithium and Tungsten (NCLT), a South African mining and exploration company.
Under the terms of the agreement, Marula Mining will make an initial cash payment of approximately £125,000 (Ks16.37m) to NCLT’s current shareholders. Additional payments totaling £1.25 million are scheduled for on or before 31 July 2024 and 30 September 2024. The agreement also includes options for settlement through cash or shares.
The NCLT Project covers 15,000 hectares of the Vioolsdrift Farm and is situated adjacent to Marula Mining’s existing Blesberg lithium and tantalum mine. The project features two notable pegmatite fields: Spodumene Kop II Pegmatite and Groendoorn Pegmatite Field, both of which have previously been mined for various minerals.
Marula Mining has confirmed the high-grade nature of the tungsten and tantalum mineralization at the NCLT Project during its due diligence process. The project includes several promising tungsten assets, such as the potentially shallow open-castable Kaalbeen, Koubank, and Isis operations. Additionally, the pegmatites at Spodumene Kop II and Groendoorn show potential for producing tantalite, spodumene, and industrial minerals.
Jason Brewer, CEO of Marula Mining, commented, “The NCLT Project offers a highly prospective and extensive licence area for multiple minerals, particularly a robust portfolio of tungsten assets. The pegmatites at Spodumene Kop II and Groendoorn also hold significant potential for tantalite and spodumene.”
He further added, “This acquisition not only broadens Marula’s portfolio and geographic footprint in South Africa but also enhances our infrastructure capabilities at Blesberg. It positions us as a rapidly growing company in the South African mining sector.”
Earlier this year, Marula Mining also announced an investment to acquire a stake in the Larisoro manganese mine located in northern Kenya.
