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East Africa Metals ( (TSE:EAM) ) just unveiled an update.
East Africa Metals has announced a significant advancement in its Magambazi Project in Tanzania by partnering with Ubora Minerals Company Limited. Following a government-led mediation, East Africa has signed a Memorandum of Understanding with Ubora, which will acquire the Magambazi Project for $1 million and a 4% Net Smelter Returns royalty. Ubora plans to develop the project, targeting a production rate of 40,000 ounces of gold annually. This development includes preparing a formal mining plan, essential for renewing mining licenses and initiating mine development, which is expected to benefit Tanzania, local stakeholders, and East Africa shareholders.
The most recent analyst rating on (TSE:EAM) stock is a Buy with a C$0.30 price target. To see the full list of analyst forecasts on East Africa Metals stock, see the TSE:EAM Stock Forecast page.
More about East Africa Metals
East Africa Metals Inc. is involved in the exploration and development of mineral properties, primarily focusing on gold and polymetallic resources in Africa. The company holds interests in the Mato Bula and Da Tambuk mines in Ethiopia and the Magambazi Mine in Tanzania, with significant investments in African exploration since 2005.
Average Trading Volume: 154,878
Technical Sentiment Signal: Buy
Current Market Cap: C$36.31M
For an in-depth examination of EAM stock, go to TipRanks’ Overview page.