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Blaze Minerals Limited, an Australian listed firm has turned to Uganda as it seeks fulfill the global demand for critical minerals, with a 60 percent acquisition in Gecko Minerals Uganda, the beneficial owner of the Ntungamo and Mityana mining projects, which are prospective for critical metals including beryllium, rubidium, lithium, tin and tantalite.
The Ntungamo project has three exploration licenses and the Mityana project has one exploration license.
The remaining 40% of Gecko Uganda shall be free carried by the Company until the delivery of a Bankable Feasibility Study, but may be purchased by the Company for US$750,000 at any time within 24 months from the date of the Transaction Agreement.
The firm yesterday announced a trading halt of its securities on the Australian Securities Exchange until on Thursday 5th,December when the announcement for the acquisition will be released to the market.
The firm seeks to tap into the global supply chain for critical minerals, which are essential for a range of clean energy technologies, have risen up the policy agenda in recent years due to increasing demand, volatile price movements, supply chain bottlenecks and geopolitical concerns.
According to theThe World Trade Organisation, critical minerals play a crucial role in the production of clean energy technologies, from wind turbines to electric cars.
Over the past 20 years, annual trade in energy-related critical minerals has increased from USD 53 billion to USD 378 billion. However, the high demand for clean technology goods is putting pressure on the supply chains for these minerals.
Critical minerals are particularly in demand for the production of batteries for electric cars, with each battery requiring as much as 200kg of critical minerals which have been considered to be energy efficient.
The Ntungamo project covers an area of 60 kilometres with minerals such as beryllium oxide, rubidium oxide, lithium oxide, tin oxide. The Ntungamo project adjoins the Mwirasandu Tin mine, the largest producing tin mine in Uganda.
The Mityana Project covers an area of 240 kilometres and immediately surrounds a historical opencut tantalite mine which was closed in 2021 following the Covid-19 pandemic.
Both Projects have full environmental and regulatory approvals (NEMA Certification) and are drill ready.
Gecko Director and African specialist Mark Gasson is to oversee technical exploration activities led by experienced South African geologist Dylan le Roux and Gecko Uganda Director Allan Agumya.