Magnis Resources has signed a memorandum of understanding with South Korea’s POSCO E&C for possible procurement of construction and funding for the Nachu graphite project in Tanzania.

POSCO will develop a fixed-price lump sum for project execution by the second quarter of next year.

Still in Tanzania, Mozambi Resources has announced a new graphite discovery at its Namangale project.

Drilling returned multiple thick intercepts of up to 100m thickness from surface logged as medium and high-grade mineralisation with coarse flake graphite observed.

Alliance Resources has acquired an option over tenements along strike from its Monardes copper-uranium project in Chile.

To exercise the option, Alliance can pay $A2.5 million before the end of October next year.

Iluka Resources has earned a 51% stake in Astro Resources’ Governor Broome mineral sands project.

A formal joint venture has now been formed.

Vancouver-based Endeavour Mining has defined additional oxide mineralisation at its Agbaou mine in Ivory Coast.

Results from the West Pit area and surrounding targets include 7.4m at 6.71 grams per tonne gold and 6.8m at 7.73gpt gold.

Finally, Australian Bauxite has concluded a loan facility with Australia’s export credit agency EFIC.

 

The funds will provide the company with assistance to meet transport costs associated with initial bauxite shipments out of Tasmania.