NeoTerra’s interest in Monte Muambe increases to 70%
LSE-listed critical minerals exploration company NeoTerra Group has announced the completion of Phase 3 of a farm-out agreement for the Monte Muambe critical minerals project, in Mozambique, with the group having met the minimum expenditure requirement for this phase.
This also triggers an increase of NeoTerra’s interest in subsidiary company Monte Muambe Mining from 51% to 70%.
NeoTerra has initiated the contractual and administrative formalities required to transfer the corresponding share and the company will make a further announcement when they are complete.
“We are very pleased with the progress achieved during Phase 3. Key milestones include the award of a 25-year mining licence for rare earths and fluorspar, securing a $1.8-million grant from the US government and rapidly advancing the fluorspar mining opportunity towards development through exploration, resource drilling and technical studies.
“The discovery of gallium and the identification of heavy rare earth element enrichment associated with fluorspar represent further significant achievements, introducing potentially substantial new value drivers for the project,” says NeoTerra CEO Cédric Simonet.
