This follows the completion of the stage 1 feasibility study and the finalisation of all required environmental approvals.
In a statement, Volt’s chairman, Asimwe Kabunga, said, “This is a key milestone for Volt and our shareholders, as we have now effectively received all required primary development approvals.
“Volt has maintained a very transparent and positive dialogue with the Tanzanian authorities throughout the entire approvals process, and I would like to thank the relevant authorities for their support and input towards achieving these key approvals.”
Stage I is based on a mining and processing plant annual throughput rate of 400,000 tonnes to produce on average 23,700 tonnes of graphite products.
The mining licences have been granted subject to three conditions:
– An acceptance of the boundaries and co-ordinates as per the application as amended;
– Notice by the company to accept the proposed licence; and
– Payment of US$1,000 in preparation fees for each licence.
Volt has advised that it plans to accept or meet these conditions.
Kabunga said, “The company looks forward to continuing to work with the Tanzanian authorities over the coming months as we near the start-up of operations from our stage I development.”
On a press statement issued by the company’s Chief Executive officer, Trevor Matthews, Volt’s near-term focus is on completion of the proposed US$40 million note Issue, for which an updated prospectus has been lodged with the Tanzanian Capital Markets and Securities Authority.
“This process continues to advance in line with previous guidance and further updates will be provided in due course.”
Following the formal receipt of the Mining Licenses, the completion of the Tanzanian Note Issue for the Bunyu development and approval by the Volt Board will proceed with front-end engineering and design work for the initial Stage 1 operations and the ordering of long lead time components.