Tanzanian Ministry of Minerals Mining Commission has granted a mining license for the Fungoni Heavy Mineral Sands Project to Australian exploration and development company Strandline Resources (ASX: STA).
Strandline Managing Director Luke Graham said securing the Mining Licence for Fungoni was a crucial step to build a significant, low-cost mineral sands business in Tanzania.
“We thank the Tanzanian authorities for their endorsement of the Fungoni project, the development of which will bring significant value and benefits to all stakeholders,” Mr Graham said.
“Strandline is now a huge step closer to making the transition from explorer to developer and ultimately producer of mineral sands products for decades to come,” he concluded.
The Fungoni project is located ~25km from the Dar es Salaam port in Tanzania. Its Definitive Feasibility Study (DFS), which was completed in October 2017 confirms that the project will produce premium-quality titanium and zircon products.
In May 2018, Strandline secured a binding offtake agreement for 100% of the ilmenite at Fungoni with Maoming Ubridge Group Mineral Industry Company of China.