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MRG Metals Limited ( (AU:MRQ) ) has shared an announcement.
MRG Metals Limited has announced that its joint venture partner, Sinowin Lithium, is actively deploying funds from the initial tranche of a US$6 million commitment to advance their heavy mineral sands project in Mozambique. The Mozambican Government’s review of the joint venture’s accounts suggests progress in the mining licence transfer process, which is crucial for commencing production. The joint venture aims to produce 130,000 to 160,000 tonnes of heavy mineral concentrate annually, with plans to ramp up to 800,000 tonnes over five years. The development is supported by significant infrastructure, including the nearly operational Port of Chongoene, enhancing the project’s viability and potential impact on stakeholders.
More about MRG Metals Limited
MRG Metals Limited is a company involved in the heavy mineral sands industry, focusing on the development of its 2 billion tonne Heavy Mineral Sands (HMS) project in Mozambique. The company is engaged in a joint venture with Sinowin Lithium to advance this project, which includes substantial mineral resources and infrastructure development.
Current Market Cap: A$10.91M
Learn more about MRQ stock on TipRanks’ Stock Analysis page.