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Home Natural Resources Mining

Tyranna resources to acquire 80% in Angola lithium project

Energy Capital & Power by Energy Capital & Power
May 26, 2022
in Africa, Angola, Mining
Reading Time: 2 mins read
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Australian-based mineral exploration company, Tyranna Resources, will acquire an 80% interest in the Namibe Lithium Project in Angola. The Acquisition is expected to be finalized by July 2022, positioning the company as the majority owner of the project.

As per a binding terms sheet signed by the mineral exploration company, Tyranna will acquire Angolan Minerals via a mix of consideration shares and options, along with performance shares. As part of the transaction, Tyranna will also carry the sellers’ retained 20% stake in Angolan minerals regarding exploration expenditure.

Also read: World Bank foresees more economic improvements in Angola

This will continue until a feasibility study on Angola’s tenements has been completed. Additional terms include the appointment of Paul Williams as an executive director on the company’s board and contracting exploration geologist, Peter Spitalny, as principal technical advisor.

The 207 m² Namibe Lithium Project includes the Giraul pegmatite field. With under 10% of the Giraul pegmatite field having been explored since the 1960s when it was first discovered, the company believes that lithium reserve potential is significant.

Also read: Angola wants to promote digital single market in Africa

Tyranna Resources intends to explore and sample pegmatites as well as conduct further fieldwork on the pegmatites containing lithium minerals, with the aim of setting targets for near-term drilling. Having historically focused on nickel and gold prospects in Australia, the company views the recent acquisition as key to advancing corporate plans to explore mineral prospects across the southern African region.

By Keletso Moilwe

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Source: Energy Capital & Power
Tags: AngolaFeatureGiraul pegmatite fieldlithium projectmineral explorationMiningNamibe Lithium ProjectPaul WilliamsPeter SpitalnyTyranna ResourcesTyranna resources to acquire 80% in Angola lithium projectанголаأنغولاアンゴラ安哥拉
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Energy Capital & Power

Energy Capital & Power

Energy Capital & Power is the African continent’s leading investment platform for the energy sector. Through a series of events, online content and investment reports, we unite the entire energy value chain – from oil and gas exploration to renewable power – and facilitate global and intra-African investment and collaboration.

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