Kaboko to receive further $3m funding for Zambia project
JOHANNESBURG (miningweekly.com) – Zambia-focused manganese company Kaboko Mining was concluding the advance of $3-million of funding by Noble Resources.
This was the balance of the first tranche of funding under a $10-million prepayment debt facility and long-term manganese ore offtake agreement.
The drawdown should be concluded in five to ten days, the company said on Thursday.
The parties were finalising Noble’s final due diligence items in respect of the licensing conditions for the Northern Manganese project at Mansa, Zambia.
The project would have an initial run rate of between 2 500 t/m and 5 000 t/m, starting in the second quarter of 2013, and would ramp-up to 10 000 t/m by the end of the year.
In addition, ASX-listed Kaboko announced that a new prospecting permit was granted at its Emmanuel project, which bordered existing licence boundaries.
This licence would be held by the company’s local subsidiary, the Zambian Manganese Mining Company.
Kaboko held majority interests in five large-scale prospecting licences and three small-scale mining licences, covering more than 2 700 km2 in established and highly prospective manganese mining regions in Zambia.
The company was focused on resource definition drilling and exploration across its large licence holdings.
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