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Ethiopia: Canadian Firm To Join hands for Graphite Project

The Canadian mining company, Montero Mining and Exploration Ltd, joined hands with the Ethiopian company, Hulager General Import and Export plc, for the extraction of granite from a project entirely owned by the latter at the Moyale Graphite Project.

Montero in its official website posted it could claim up to 80 percent interest in the project in a number of years and following the completion of some reports.

The website disclosed the deal between the two grants a 51 percent of an immediate acquisition from the project’s interest. In addition to this the deal stipulates the possibilities of acquiring 29 percent more in the future.

The deal further states Montreo will be able to complete legal and technical due diligence in six months.

According to Fortune, Montero could spend U.S $ 10 Million in three years to complete the feasibility study, after which the 29 percent acquisition from the interest will follow.

Tony Hardwood (PhD), President and Chief Executive Officer (CEO) of Montero, noted; “The Montero Graphite Project has been limited mapping, sampling and trenching in addition to limited geographic surveys, with no drilling conducted yet”.

The Moyale Graphite Project is situated five kilometers from Moyale town.

Source: Fortune