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Costs of funding delays on Lindi Jumbo capex minimal

31st October 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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The Lindi Jumbo graphite project, in Tanzania, has weathered funding delays with resilience, registering a minimal impact of 4.2% on the capital cost estimate, ASX-listed Walkabout Resources reported on Tuesday.

At the end of September, the final estimated capital cost for the mine was $34.5-million net of value-added tax. This includes scope changes of $3.8-million, with the bulk incurred in 2021.

Walkabout said that with the earthmoving and civils contract almost wrapped up, and the engineering, procurement and construction contract locked in at a fixed price, there was limited room for big changes in the expected total project costs owing to unexpected delays.

The Lindi Jumbo project is preparing for operational readiness in early 2024, MD and CEO Andrew Cunningham reported.

“The restrictive controls announced by China on the export of graphite products this week, make our entry to market extremely timely and will see Lindi Jumbo being the largest alternative producer of large flake graphite for the expandable graphite market,” he said.

Cunningham added that 100% of Lindi Jumbo production was currently unpriced. “Projected as the second highest margin graphite project globally, Lindi Jumbo stands to benefit greatly from any resulting premiums available for non-Chinese supply.”

The Lindi Jumbo project will produce 40 000 t/y of graphite over a mine life of 24 years.

Edited by Creamer Media Reporter

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