Business
CGrowth Capital Consolidates Lithium Tenement Portfolio in Tanzania Amid Renewed Mining Confidence
CGrowth Capital Consolidates Lithium Tenement Portfolio in Tanzania Amid Renewed Mining Confidence.
About this update from Cgrowth Capital, Inc.
[{"type":"text","content":"\n NEW YORK, NY, May 25, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – CGrowth Capital Inc. (OTC: CGRA) is a public holding company for alternative and undervalued assets. The company is sector and industry agnostic and is solely focused on investing in growth-oriented opportunities where the company’s capital, expertise, and capabilities can help create significant added value for shareholders. CGrowth Capital Inc. is pleased to offer an update following its acquisition of a series of lithium tenements in the Hombolo region of Tanzania. The company has successfully consolidated 17 prospecting licenses and 37 primary licenses, encompassing a 435 square kilometer area, following negotiations with 54 individual mining owners. “This acquisition was no small feat and is the culmination of 12 months’ worth of hard work behind the scenes by our dedicated management team. Our board's longstanding relationships and deep networks within the region were pivotal to structuring this deal and it is an accomplishment that cannot be easily replicated. I say this as we have not simply acquired an existing mine; we have created an entirely new mining entity and we are in the process of merging these 54 separate licenses into a single new mining license. The scale, pace and manner in which we have managed to achieve this should not be discounted and is an enormous step forward for the company and will place us at the very heart of the lithium mining industry in Tanzania. The significance of this achievement will become apparent once we begin to issue the reports of our geological surveys, currently underway on a number of our newly acquired sites,” commented Nicolas Link, Chairman of CGrowth Capital Inc. While the majority of the acquired area is virgin ground, a very small portion on the periphery of one mining license acquired overlaps a site that was briefly explored during the previous Tanzania Government regime, and which came to an abrupt end due in large part to the policy changes implemented by the old regime. New laws which were introduced at that time were fast-tracked through parliament and resulted in a sharp rise in royalty taxes, along with the ability for the government to renegotiate existing contracts. These changes created a climate of uncertainty and unpredictability and dramatically impacted the att...