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Tectonic Gold PLC - mineral explorer in Australia and South Africa - and Kazera Global PLC - diamonds and rare earths explorer in South Africa and Namibia - Joint venture Whale Head Minerals Pty Ltd wins mining permit in South Africa, the two say on Wednesday. The mining permit has a valuation of around £150 million, Tectonic says, citing an independent expert report by a partner of the joint venture. The permit does not include the nearby beach area, for which the companies will apply as well.
‘Mining of mineral sands in this area has historically been precluded by diamond mining activity and the necessity for strict security protocols around those operations. Despite the site being a well-established mining operation with almost 100 years of diamond mining history, the mineral sands have not been exploited. Whale Head will now mine high grade heavy mineral sands zones with simultaneous diamond extraction in a first of its kind operation for the site,’ Tectonic Gold explains.
Current Tectonic Gold stock price: 0.975 pence
12-month change: down 1.5%
Current Kazera Global stock price: 0.90 pence, down 2.7% on Friday
12-month change: down 39%
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