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Mozambique issues mining concession to New Energy's Caula graphite project

New Energy Minerals Ltd said Aug. 1 that its Caula graphite-vanadium project was issued a mining concession by the Mozambican Ministry of Mineral Resources and Energy valid until March 26, 2044.

New Energy's 50% subsidiary Balama Resources Pty Ltd has an 80% share in Tchaumba Minerais S.A., which is the holder of the Caula project.

In February, New Energy entered a binding agreement to sell its 50% stake in Balama Resources to Auspicious Virtue Investment Holding Ltd.