Walkabout seeks funding for Tanzania project

JOHANNESBURG (miningweekly.com) – Emerging African graphite producer Walkabout Resources is embarking on a fully underwritten share purchase plan to raise $1.25-million for the purposes of progressing its Lindi Jumbo project, in Tanzania, as well as working capital.

This follows the completion of a definitive feasibility study at the project, which indicated “very robust” economics for the project.

Walkabout chairperson Trevor Benson noted on Monday that finalising the funding pathway remained the top priority for the Lindi Jumbo executive team. “Ongoing discussions, although not finalised, are progressing with interest having been received across Europe and China,” he said.

The miner is following a range of options insofar as securing project funding goes, with the company expecting to adopt a staged process, made up of a range of equity and mezzanine debt linked to a combination of build contracts and the primary asset valuation.

Meanwhile, the company noted that it had also received its environmental impact compliance certificate for the project – “a major regulatory milestone”, as it opened the pathway for the mining licence application to be submitted.

The application was now in final preparation and will be submitted to the online portal shortly.