East Africa Metals Secures MOU for Tanzanian Mining Project

East Africa Metals ( (TSE:EAM) ) just unveiled an announcement.

East Africa Metals Inc. has signed a Memorandum of Understanding with Ubora Minerals Company Limited to develop the Magambazi and Handeni mining project in Tanzania. This agreement follows previous challenges with PMM Mining Company Limited, whose non-compliance led to the suspension of operations by the Tanzanian Ministry of Minerals. The new MOU outlines terms for cash payments, royalties, and project development timelines, aiming to resolve past issues and advance the project with Ubora, a related party under the TSX Venture Exchange policies.

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 in Africa, with significant interests in the Mato Bula and Da Tambuk mines in Ethiopia and the Magambazi Mine in Tanzania. The company has invested heavily in African exploration, identifying substantial gold and gold-equivalent resources.

Average Trading Volume: 62,727

Technical Sentiment Signal: Sell

Current Market Cap: C$30.39M

See more data about EAM stock on TipRanks’ Stock Analysis page.