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Magnis Resources Limited (ASX:MNS) is pleased to announce that the valuations for re-settlement and land compensation activities on the Nachu Graphite Project in Tanzania have now been completed, paving the way forward for construction of the mine. An official valuation of the area within the Special Mining Licence (SML 550/2015) has now been completed and a total of US$3.4 million was calculated for the complete compensation package of crops and trees, land area, structures and other required items such as disturbance allowance. The valuation documents have been accepted and approved for payment by the Chief Government Valuer.
Magnis Resources Limited (ASX:MNS) is pleased to announce that the valuations for re-settlement and land compensation activities on the Nachu Graphite Project in Tanzania have now been completed, paving the way forward for construction of the mine. An official valuation of the area within the Special Mining Licence (SML 550/2015) has now been completed and a total of US$3.4 million was calculated for the complete compensation package of crops and trees, land area, structures and other required items such as disturbance allowance. The valuation documents have been accepted and approved for payment by the Chief Government Valuer.
Chairman Frank Poullas commented:
“This is a very significant milestone for the Company. We will be ready to begin construction at the end of the wet season. The compensation valuations began over six months ago and at its peak we had 200 people working on site. The Company is pleased with the outcome generated for all stakeholders involved.”
Read full press release.
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