MRG Metals, listed on the ASX (Australian Stock Exchange), said on Tuesday 29 October that it is ready to start its first drilling operations at the ‘Corridor North’ and ‘Marão’ projects in Mozambique, with a budget of more than 3.7 million meticals (60,000 dollars) financed by its joint venture with Sinowin – a Chinese investment company in heavy sands projects.
According to a statement from the mining company, the initiatives are aimed at increasing the production of heavy mineral concentrate, potentially to over 440,000 tonnes a year, as part of an ambitious expansion strategy. ‘These projects are expected to accelerate the company’s growth and contribute significantly to its mining portfolio,’ the document reads.
In June this year, the company signed a binding joint venture agreement with Chinese investment companies, namely Sinowin Lithium Mineral and Sinowin Lithium Cobalt (SLC), to develop heavy sands projects in the Mozambique Corridor, including Central and South, and other heavy mineral sands projects (HMS-Heavy Metal Sands) in the country.
Initially, the mining company will hold a 30% stake in the agreement during the start-up phase with 110,000 tonnes per year of concentrate production, which will decrease to 20% as production increases to 440,000 tonnes per year.
