The Tanzanian Government has signed agreements with three Australian mineral companies for the development of rare earth and graphite mines in the country.
Agreements totaling $667 million were signed with mineral exploration companies Evolution Energy Minerals, EcoGraf, and Peak Rare Earths. Peak Rare Earths will mine minerals in Ngualla, the southwest region of the country; Evolution Energy Minerals will mine graphite in the southern region; while EcoGraf will mine graphite in the eastern region as well as minerals in the north.
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According to Palamagamba Kabudi, Chairman of the Government of Tanzania’s negotiating team, the Government will hold a 16% stake each of the jointly established companies that would operate the projects.
The agreements fall under the Government’s drive to accelerate negotiations regarding long-pending mining and energy projects.