Tanzania: Negma Group invests $8 mln in mining company Magnis
Monday, 30 September 2019 20:14
Mining company Magnis Energy, active on the Nachu graphite project in Tanzania, announced this week it has secured an $8 million investment from Negma Group.
According to the agreement, Middle East-based Negma has committed to purchase Magnis shares for a maximum of $700,000 per month over 12 months. It also has an option to subscribe for an additional $4 million of shares.
“At Negma we constantly look for undervalued opportunities in this sector and we believe that this is the best time to become part of Magnis’ shareholder family. Magnis has built a unique portfolio from mining to Li-ion Batteries plants. We look forward to working with the experienced team in Magnis and assisting with the funding of their projects,” said CEO Aboudi Gassam.
ASX-listed Magnis Resources owns 100% of the Nachu mine, which hosts mineral reserves that can be mined over 15 years.
Louis-Nino Kansoun
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