MOU aims for Nachu Graphite Plant 2015 development in Tanzania

Australian-listed Magnis Resources Limited and China Railway 24th Bureau Group Co., Ltd. have signed a Memorandum of Understanding (MOU) to enter into formal negotiations to secure a contract for engineering, procurement, construction and contract mining for the Nachu Graphite Plant in Tanzania.

The next steps for the estimated US$ 150 million contract are a site visit and negotiations for the signing of contracts. All parties are aiming for project development commencement in 2015.

Progress on these developments, as well as key contact details, are regularly updated on the Africa Mining IQ intelligence portal. Companies subscribing to Africa Mining IQ’s e-mail alerts will be among the first to know about new developments, completed expansions and definitive production expectations, when they are announced.

China Railway 24th Bureau Group is the key member and a subsidiary wholly owned by publicly listed China Railway Construction Corporation Limited (CRCC). With over 200 000 employees, CRCC is one of the largest and most recognised engineering and construction companies in the world.

Nachu Graphite Project quality recognised

“Having China Railway 24th Bureau Group as partner is further testament of the quality of our Nachu Graphite Project,” commented Magnis Resources Chairman Frank Poullas. “With binding offtakes totalling 180 000 tons per annum with Sinosteel and SINOMA, and now with the MOU signed with China Railway 24th Bureau Group, the Nachu project is going from strength to strength.”

All investment opportunities for this mining project, and many others, are available for viewing on Africa Mining IQ. Africa Mining IQ organises projects in terms grassroots, pre-feasibility, feasibility, bankable, active and operational phases. Mining projects in Tanzania include projects for 7 gold, 3 industrial, 2 Nickel, 2 coal, 1 iron ore and 1 uranium.

“Our experienced management team along with our partners have delivered multiple mining projects in Africa including Tanzania. We are assembling the best possible partners ensuring we have deep experience working with us. All this is reducing risk in the world class Nachu Graphite Project.”

General Manager of the Overseas Business Department of China Railway 24th Bureau Group, Wei Wang said they view the graphite that Nachu can produce as the best in the world. “With our vast experience in Tanzania and other African areas, we look forward to working with Magnis Resources to construct the world’s most significant and profitable graphite mining operation.”

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