Australian company Mozambi Resources will carry out the initial work of graphite exploration in two license areas in the province of Cabo Delgado, Mozambique, the company said in a statement issued Tuesday.
The two license areas are located in the vicinity of concessions with high quality graphite deposits of Triton Minerals and Syrah Resources, both of which are also Australian.
Mozambi Resources said it would move ahead once it was told by the current owner of the two license areas that all documentation had been gathered and delivered to the Ministry of Mineral Resources.
The statement said the company was still working with geologists based in Mozambique and Australia to start the process, and after the approval of the licenses fieldwork will begin, including collection of samples for laboratory testing.
The Australian company announced last February it had signed an option to acquire the two licenses, against a payment of US$50,000 and another US$50,000 and 15 million shares upon signing the sale agreement.
The company, whose website identifies it as MozambiCoal (http://www.mozambicoal.com/), is listed on the Australian Stock Exchange and its business focuses on coal assets in Queensland and Mozambique.