THE BOURSE WHISPERER: Globe Metals and Mining (ASX:GBE) has acquired 100 per cent of the Chiziro graphite project in Malawi.
The company has received the official notification of transfer from the Malawian Minister of Natural Resources, Energy and Environment.
Following the transfer of the exploration licence to Globe, the company will now pay the agreed purchase price of US$80,000 plus the current years’ expenses to the vendor.
Under the terms of the agreement, Globe has completed both desktop and field due diligence over the project’s two main prospects, Chimutu and Katengeza.
Source: Company announcement
The company has carried out field sampling and reconnaissance over the southern portion of the 2,020 square kilometre licence, from which it has identified a number of targets for future scheduled exploration.
“We are pleased to have fully acquired the Chiziro graphite project following a successful technical and legal Due Diligence process,” Globe Metals and Mining acting chief executive officer Fergus Jockel said in the company’s announcement to the Australian Securities Exchange.
“The rock chip sampling program undertaken by Globe confirmed the presence of substantial Graphite mineralisation, and the company will begin a follow up exploration program including; mapping, rock chip sampling and trenching and determinations for graphite flake size in the coming Quarter.
“The addition of the Chiziro project augments Globe’s balanced project portfolio and fits well with the company’s acquisition criteria of securing supply constrained strategic minerals and leveraging the relationships with the major shareholder, ECE, to source purchasing partners once in production.”