The mining concession is valid for an initial term of 25 years, taking it up to 5 December 2042.
The majority of the ruby bulk sampling and pitting conducted by Mustang over the past seven months has been undertaken on licence 8245L.
Mustang will now complete an Environmental Impact Assessment ("EIA") and associated enjoyment of land ("DUAT") within 3 years from the grant of the Concession. Mine development must start within 24 months after the grant of the environmental licence or the DUAT, whichever is the latter, provided that production starts within 4 years after the mining concession being granted.
Mustang Managing Director Dr. Bernard Olivier said: "The area covered by the new Mining Concession represents a crucial part of the deposit and most of the ground covered by our current bulk sampling and test pitting campaign. The granting of the Mining Concession marks another important step in our strategy to establish Mustang as a consistent supplier of ethically mined rubies".
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About New Energy Minerals Ltd
New Energy Minerals Ltd is an ASX listed company focused on the mining and exploration of Vanadium and Graphite – two commodities critical for the 'New Energy Market'.
The Company is currently fast tracking its world-class Caula Vanadium-Graphite project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project, with first cash flows targeted for H2 of 2019 from trial mining operations. New Energy Minerals' Caula project hosts a JORC (Measured) vanadium-graphite resource of 22 Mt @ 0.37% V2O5 (0.2% cut-off) and 13.4% TGC (8% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) and 2.93 Mt of contained graphite.
New Energy minerals has a highly experienced Board of Directors, management, finance, exploration and geological team, with a 15-year track record of investment and successful project development in Mozambique and the Africa region. The Company aims to become a major provider of vanadium and graphite, both key components used in battery production.
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New Energy Minerals Ltd (ASX:NXE) Amendment to Fura Gems Merger of Ruby Assets Agreement with Pre-Completion Loan
New Energy Minerals Ltd (ASX:NXE) Quarterly Activities Report for the Period Ending 30 September 2018