Evolution Energy Minerals (ASX:EV1) settles landmark agreements with Tanzanian govt. for Chilalo project development

• Evolution Energy Minerals (EV1) settles landmark agreements with the Government of Tanzania for the ownership and development of the Chilalo graphite project
• A new joint venture company for Chilalo has now been formed, owned 84 per cent by Evolution’s UK subsidiary and 16 per cent by the Tanzanian government
• This joint venture, Kudu, will hold all licences and permits for the graphite project
• Evolution and the Tanzanian government will now hold a formal public signing ceremony with respect to today’s agreements before the end of March
• Evolution Energy Minerals shares last traded at 26 cents on March 7

Evolution Energy Minerals (EV1) has settled landmark agreements with the Government of Tanzania for the ownership and development of the Chilalo graphite project.

The company, through its UK subsidiary, will partner with the Tanzanian government to jointly develop the mine, with a new joint venture (JV) company — named Kudu — to be formed.

The JV will be owned 84 per cent by Evolution’s UK subsidiary and 16 per cent by the Tanzanian government and will hold all licences and permits for the graphite project.

Evolution Energy Minerals’ Managing Director, Phil Hoskins, said the settlement of the agreements with the Tanzanian government was a “critical” step for the development of the Chilalo project.

“We have worked closely with the Tanzanian Government for an extended period of time and recognise that aligning with the government and with the people of Tanzania is fundamental to unlocking the value of our Chilalo project,” Mr Hoskins said.

“We now look forward to partnering with the Tanzanian Government as we strive to establish a commercial scale graphite mine in south-east Tanzania for the benefit of all stakeholders.”

The Kudu will consist of three directors chosen by Evolution Energy Minerals and two chosen by the Government of Tanzania.

The Tanzanian Government agrees to facilitate the procurement of the rights, permits and approvals necessary for the establishment, development and operation of the Chilalo graphite project.

Evolution and the Tanzanian government will now hold a formal public signing ceremony with respect to today’s agreements before the end of March.

Evolution Energy Minerals shares last traded at 26 cents on March 7.