Tyranna to acquire 70% stake in Angola’s Maongo copper-gold project
Tyranna Resources is set to acquire a 70% interest in the Maongo copper-gold project, situated near the port city of Namibe in Angola.
The move is part of the company’s initiative to appraise projects with copper prospectivity and suitable for modern exploration techniques.
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Upon completion of negotiations with the Angolan National Resource Management (ANRM) authority, Tyranna will commence work to expand known targets.
This includes geological mapping, soil geochemistry and geophysical surveys, with broader exploration programmes to follow.
The deal includes an initial payment of Kz50,000,000 ($50,000) to the vendor, Exploração Mineira (OCJAF), which grants Tyranna the exclusive right to complete the transaction after due diligence.
Tyranna is responsible for covering any fees OCJAF incurs related to the application process.
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By GlobalDataUpon the granting of the prospecting licence, Tyranna will owe OCJAF Kz150,000,000.
Should the exploration yield positive outcomes, Tyranna is required to allocate shares valued at $200,000 to OCJAF.
Angolan holding company Maongo LDA will become the registered owner of the project, with Tyranna’s Angolan subsidiary holding a 70% stake and OCJAF retaining 30%.
Tyranna managing director David Crook stated: “The company previously flagged that it is actively looking for projects that would fit well with our broader strategy, targeting demand-driven metals in Angola.
“The Maongo project is the first to meet our criteria, where prospectivity for copper and gold is evident in an area with good access, in an uncomplicated operating environment.
“The sites of mining and treatment artifacts were confirmed by company field staff during our due diligence period, and concession approval documentation is currently being advanced with the Agência Nacional dos Recursos Minerais (ANRM), Tyranna’s 30% partner, OCJAF and the company’s 70% Angolan subsidiary, Maongo, LDA. The concession is expected to be granted during the September 2025 quarter.”
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