Epanko financing gaining pace following Barrick deal
Graphite hopeful EcoGraf expressed optimism last month that gold miner Barrick Gold’s resolution of a dispute with the Tanzania government could pave the way for the financing and development of the Epanko graphite project.
Barrick recently signed a settlement agreement with the Tanzania government, which pledged full support for Barrick, and ordered the release of the miner’s concentrate containers, which have been held at the Port of Dar es Salaam since March 2017.
Barrick has said it will invest $50-million in exploration in Tanzania during 2020.
The deadlock has delayed the Epanko project by two-and-a-half years, with the Australian firm working with KfW IPEX-Bank and the Tanzanian government on the resolution of the legislative issues that have been impacting on the international financing of minerals projects in the country.
EcoGraf said that positive progress had been achieved in recent weeks to revise the proposed financing structure for the Epanko mine, and to fast-track the entire debt financing.
A $60-million senior debt funding proposal is currently being prepared under the revised structure and, subject to securing agreement among all parties, the completion of the required approvals and loan agreements, is now expected to be accelerated by the settlement with Barrick.
A bankable feasibility study has estimated that the Epanko project would require an investment of $88.9-million to produce 60 000 t/y of graphite.
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