Kibaran, Richland Considering Graphite Joint Venture

Kibaran Resources Ltd. (ASX:KNL) announced Wednesday that it has signed a non-binding memorandum of understanding (MoU) with Richland Resources Ltd. (LSE:TNZ). The aim of the MoU is to consolidate Kibaran’s Merelani-Arusha graphite project, located in Tanzania, with Richland’s graphite assets in the region.

As quoted in the press release:

Under the terms of the MoU with Richland, the two groups have agreed to undertake due diligence and work towards legally binding agreements to consolidate their respective graphite assets in the Merelani region in a Joint Venture. The objective of the negotiations is to combine graphite mineral rights and assets, which include TanzaniteOne Mining Limited’s graphite processing plant, with the goal of recommencing graphite production. A joint venture would provide Kibaran with a second source of graphite in Tanzania and a clear strategy to expand the Company’s future graphite production.

Click here to read the full Kibaran Resources Ltd. (ASX:KNL) press release.