Tyranna Resources Divests Angola Lithium Project to Sinomine, Redirecting Funds to Chinguar Gold Development
Australian-listed Tyranna Resources has agreed to sell its interest in the Namibe lithium and caesium project in southern Angola to Sinomine Resource Group for $1.44 million, allowing the company to focus on new exploration opportunities in Angola.
The transaction involves the sale of Tyranna subsidiary Angolan Minerals’ 90% interest in AM Mauritius, the holding company for the Namibe project, to Sinomine Resource (Guangdong Hengqin) Supply Chain Co, a subsidiary of Sinomine Resource Group.
The deal remains subject to shareholder approval, with Tyranna scheduled to hold a general meeting on August 7 to vote on the transaction and other company matters.
Tyranna Managing Director David Crook said the company decided to divest the project after four years of exploration that identified spodumene and pollucite occurrences, allowing it to redirect resources toward other opportunities in Angola.
Sinomine, which has supported the project as a funding partner, was considered a strategic buyer due to its existing involvement and experience in mining, processing and mineral supply chains across Africa, including operations in Namibia, Zimbabwe and the Democratic Republic of Congo.
Funds to Support Chinguar Gold Project
Tyranna said proceeds from the sale will be used to advance its recently acquired Chinguar gold project in Angola and support potential future acquisitions.
The company’s exploration team is preparing the next phase of work at Chinguar, including geochemical programmes, sampling and target evaluation.
Planned activities include additional stream sediment sampling, soil surveys, assessment of lateritic gold targets and further investigation of anomalies across several prospects within the concession area.
Tyranna said the shift reflects its strategy of focusing investment on projects with strong exploration potential while maintaining a presence in Angola’s mineral sector.
