Mining agreement approved by government of Mozambique: Syrah Resources Ltd (ASX: SYR), up over 9% on August 30, 2017, announced that its wholly owned subsidiary, Twigg Exploration and Mining, Limitada (Twigg), holder of the Balama Project, has finalised the negotiation of a Mining Agreement with the Ministry of Mineral Resources and Energy of the Republic of Mozambique. Accordingly, it was approved by the Government of the Republic of Mozambique on 29 August 2017. The Mining Agreement consolidates all prior project documents and approvals. Further, it also provides the Company with clarity around the governing laws and contractualises the mining rights and other obligations for the Balama Project in Mozambique. In accordance with ordinary administrative procedures, the main legal terms of the Mining Agreement will now be gazetted and the Agreement signed by Twigg and the Minister of Mineral Resources and Energy (on behalf of Government of the Republic of Mozambique) in the coming weeks. It will then be presented to the Administrative Court in Mozambique for sanctioning after which it will be binding and enforceable. The Company will announce the key commercial terms of the Mining Agreement once the agreement is signed and becomes binding and enforceable.
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