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Tuesday, October 3, 2023

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Tanzania Inks Deal On Rare Earth And Graphite Projects For $667 Million

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In an effort to expedite negotiations on outstanding mining and energy projects, Tanzania signed agreements totalling $667 million on Monday with three Australian businesses to mine rare earth minerals and graphite.

According to the agreements with Evolution Energy Minerals, Ecograf Ltd., and Peak Rare Earths, Tanzania will own a 16% share in each of the firms that will be jointly established to run the projects. Palamagamba Kabudi, the head of the government’s negotiation team, made the statement.

Australia, one of the greatest producers of rare earths outside of China, as well as other allies of the United States are attempting to lessen their reliance on China.

A group of 17 minerals known as rare earths are utilised in consumer electronics, electric vehicles, smart phones, renewable energy sources, and military hardware.

The minerals will be mined in Ngualla, Tanzania’s southwest, in accordance with the agreement made between Tanzania and Peak Rare Earths.

In southern and eastern Tanzania, according to Kabudi, graphite will be mined by Evolution Energy Minerals and Ecograf. The material will be mined in the north by Ecograf as well.

The mineral utilised for the anode, or negative end, of a lithium-ion battery is graphite. There aren’t many practical options for batteries, and over 70% of all graphite comes from China.

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