Mining and exploration company Marula Mining, through its subsidiary Muchai Mining South Africa, has signed a binding term sheet with South African mining company Mansena Cobalt to acquire a 51% stake in the Mansena Kruisrivier Cobalt (MKC) holding company.
MKC holds the prospecting rights to an area in the Limpopo Province that includes the Kruisrivier Cobalt Mine. The holding company recently lodged a mining permit application, which has been accepted and is expected to be issued in due course.
“This acquisition provides our shareholders with further battery and strategic metals exposure, with cobalt crucial to produce rechargeable batteries in electric vehicles, making it a critical mineral for the green energy transition,” stated Marula Mining CEO Jason Brewer.
Under the term sheet, Marula Mining will complete a detailed geological investigation of the mine, which will include satellite multispectral analyses, airborne geophysics, surface and underground sampling, resource drilling and core analyses.
Historical records at the mine indicate the presence of high-grade cobalt, chromium, copper, gold, nickel, lead, platinum, siler and zinc.
Marula Mining aims to complete the technical studies within 12 months.
