Marula Mining announced on Friday that it has agreed to acquire a lithium, tungsten, and tantalum asset in the Northern Cape through its wholly-owned subsidiary, Southern African Lithium and Tantalum Mining.
The agreement includes the acquisition of 100% of Northern Cape Lithium and Tungsten.
“I’m thrilled to announce this strategic acquisition,” stated Marula CEO Jason Brewer in a release to Mining Weekly.
Under the terms of the agreement, Marula will make an initial cash payment of R3 million to the current shareholders of Northern Cape Lithium and Tungsten, followed by two additional payments of R15 million each, which can be made in cash or shares at the company’s discretion.
Marula Mining is a South African A2X-listed and UK Aquis-listed battery metals investment and exploration company, partnered with Q Global Commodities, led by Quinton van der Burgh.
“All these key projects are located close to our existing Blesberg mining and processing operations. These brownfield sites have great infrastructure and a good mining and exploration history,” Brewer noted.
“This acquisition not only expands Marula’s portfolio and geographic footprint in South Africa but also enhances our infrastructure at Blesberg, positioning us as a fast-emerging, growth-focused company in the South African mining sector,” Brewer added.
Northern Cape Lithium and Tungsten boasts over 16 tungsten deposits and former high-grade tungsten mining operations, including the Kalbeen and Isis tungsten mines, the Koubank, Kaalbeen West, and Armbank tungsten deposits, and Spodumene Kop II Pegmatite, previously mined for its spodumene ore, tantalite, and beryl.
The license area also includes the Groendoorn field, where pegmatites containing spodumene, tantalite, beryl, feldspar, and mica were mined on a small scale until the 1960s.
Key brownfield sites have not been reassessed for over 40 years. Directors believe there is potential to recommence mining tungsten at Kalbeen and Isis, undertake new exploration and mine development at the Koubank, Kalbeen West, and Armbank tungsten deposits, and pursue tantalum and spodumene exploration and mine development at Spodumene Kop II and the Groendoorn Pegmatites.
Marula confirmed that Northern Cape Lithium and Tungsten holds Prospecting Right NC 30/5/1/1/2/13317 PR, which covers 15,000 hectares of the Vioolsdrift Farm, located 12 km south of the Orange River in the Namaqualand district.
