Moab Minerals acquires uranium projects in Tanzania

Moab Minerals Limited has completed its acquisition of Linx Resources, which holds a diverse portfolio of advanced, large-scale uranium projects in Tanzania.

Linx, an Australian proprietary company, is the 80% owner of certain prospecting licences comprising the Manyoni Uranium Project and the Octavo Uranium Project in the East African country.

ASX-listed Moab announced it has acquired 81.85% of the shares in Linx, plus an additional 7.75% following the conversion of loans owing to Moab by Linx, bringing its stake to 89.6%.

“The completion of the acquisition of such high potential uranium projects is transformational for the company,” commented Moab’s managing director, Malcolm Day.

“The fact that Uranex Ltd previously explored, and extensively drilled, the Manyoni Uranium Project from the early 2000’s to 2013, assists the company greatly.”

Day said there is a large volume of historic exploration data, including drilling data, that Moab now can access.

“Given the current uranium price of circa $85/lb, Moab is in the right place at the right time to re-evaluate the Manyoni Uranium Project and to commence exploration on the Octavo Uranium Project,” he added.

Moab announced in March that it had entered into the share sale agreement with Linx and four of the six shareholders in the company to acquire 81.85% of issued capital of Linx.

Through its wholly-owned UK-registered subsidiary, Oryx Resources Limited, Linx holds an 80% shareholding in Katika Resources Limited, a company registered in Tanzania that is the registered holder of three mineral prospecting licences comprising the Manyoni Uranium Project and the Octavo Uranium Project. Galo CapitalLimited, a company registered in Tanzania, holdsa20% shareholding in Katika.