Blencowe receives final tranche in US grant funding for Ugandan graphite project
LSE-listed Bencowe Resources has received the final tranche of $250 000 in grant funding from the US International Development Finance Corporation (DFC), bringing the total funds received under the technical assistance grant to $5-million.
The company says the final payment follows a period of review of the Orom-Cross grahite project definitive feasibility study (DFS), adding that the completion of this process represents a further milestone as Orom-Cross advances toward development.
"Receipt of the final $250 000 tranche means Blencowe has now received the full $5-million technical assistance grant from DFC, representing another important milestone for Orom-Cross.
“The grant has supported a substantial body of technical work through completion of the DFS and associated independent review process, while DFC's continued support provides a strong endorsement of the project's potential and strategic importance,” says Blencowe Resources chairperson Sam Quinn.
Blencowe’s immediate focus remains on closing the financing of Phase 1 of the Orom-Cross project, while continuing discussions and preparatory work around the longer-term Phase 2 funding structure.
“The result is a significantly more advanced and derisked project than when the DFC programme began.
“Orom-Cross now combines scale, robust economics, independently validated graphite quality, a clear development pathway and multiple higher-value downstream opportunities, providing a strong platform as we progress Phase 1 funding and advance towards development,” says Blencowe interim CEO Iain Wearing.
This project is viewed as necessary and arrives as the US government continues to prioritise high-ranking critical minerals and energy transition projects.
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