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Tusker selling Malawian exploration prospects to Auking
August 21, 2026 / Jacqueline MONJEZA
ASX listed- Tusker Minerals, an African-focused explorer advancing a portfolio of critical mineral assets, has entered into a binding Share Sale Agreement with another Aussie-listed firm AuKing Mining under which AuKing will acquire 100% of the issued shares in Green Exploration Limited (GEL), a wholly owned subsidiary of Tusker’s Australian Subsidiary Green Exploration (Australia) Pty Ltd.
Tusker Minerals Chief Executive Officer Cliff Fitzhenry says the expanded transaction supports the company’s decision to streamline its portfolio. He says the sale gives the Machinga, Ngala Hill, Salambidwe and Karonga projects a dedicated owner while Tusker continues to concentrate on its priority rutile projects.
"This expanded transaction builds on our disciplined approach to portfolio optimization. By selling GEL, we transfer the Machinga REE assets together with Ngala Hill, Salambidwe and Karonga to a dedicated owner, while retaining full exposure to our high-priority Mzimba rutile projects. The structure delivers non-dilutive funding, sharpens our focus on titanium feedstock, and preserves meaningful upside to rare earths and the Ngala Hill opportunity through our ongoing equity and performance share position in AuKing."
Tusker Minerals is an African-focused explorer building a portfolio of large-scale titanium mineral projects across Cameroon and Malawi. The Company’s portfolio comprises the Douala Basin Heavy Mineral Sands Project and Central Rutile Project in Cameroon, together with the Mzimba Rutile Project in Malawi. Tusker is focused on discovering and advancing globally significant sources of natural rutile and other valuable titanium-bearing minerals.
Fitzhenry says: "This expanded transaction builds on our disciplined approach to portfolio optimisation. By selling GEL, we transfer the Machinga REE assets together with Ngala Hill, Salambidwe and Karonga to a dedicated owner while retaining full exposure to our high-priority Mzimba rutile projects. The structure delivers non-dilutive funding, sharpens our focus on titanium feedstocks, and preserves meaningful upside to rare earths and the Ngala Hill opportunity through our ongoing equity and performance share position in AuKing.”
Malawi has a number of potential rare earth prospecting sites in the Southern Region within the geological zone dubbed the Chilwa Alkaline Province.
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Rehabilitation:
The establishment of a stable and self-sustaining ecosystem, but not necessarily the one that existed before mining began. In many cases, complete restoration may be impossible, but successful remediation, reclamation, and rehabilitation can result in the timely establishment of a functional ecosystem.
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Remediation:
The cleanup of the contaminated area to safe levels by removing or isolating contaminants. At mine sites, remediation often consists of isolating contaminated material in pre-existing tailings storage facilities, capping tailings and waste rock stockpiles with clean topsoil, and collecting and treating any contaminated mine water if necessary.
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