AuKing Mining Ltd (ASX:AKN) managing director Paul Williams joins Proactive’s Tylah Tully to discuss the company’s binding agreement signed with Moab Minerals Ltd (ASX:MOM) to sell its remaining non-core prospecting licences at the Manyoni Uranium Project in Tanzania.
The deal is valued at $175,000 and follows the revocation of two key prospecting licences at Manyoni by the Tanzanian Mining Commission. These licences were a critical part of the project's uranium resource estimate, and after unsuccessful negotiations with Tanzanian authorities, AuKing opted to sell the remaining assets.
The sale is subject to several conditions, including 30 days of due diligence by Moab Minerals, the provision of necessary information by AuKing, maintenance of the licences in good standing, ministerial approval and potential clearance from the Fair Competition Council (FCC) of Tanzania.
AuKing Mining has confirmed that this transaction will not affect its plans to start drilling at the Mkuju Uranium Project in southern Tanzania, which remains independent from the Manyoni project.
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