Tanzania-focused Cradle raises A$2.2m
JOHANNESBURG (miningweekly.com) – Australian junior Cradle Resources reported on Friday that it had secured commitments for a A$2.16-million capital raising, which would carry its working capital requirements until project financing came through.
The company, which was developing the Panda Hill niobium project, in Tanzania, said that it would raise the funds by placing eight-million shares at 27c each with sophisticated investors.
The working capital requirements included Cradle’s 50% share of $1.5-million for the final instalment of consideration owed to the project vendor. This had to be paid in September 2016.
The company stated that debt financing and offtake agreements for the project were ongoing and were advanced.
The definitive feasibility study (DFS) for Panda Hill demonstrated that the project was economic, with a pre-tax internal rate of return of 32%. The project was estimated to generate earnings before interest, taxes, depreciation and amortisation of about $112-million a year over its 30-year mine life, at a cash margin of 49%, and with an initial capital outlay of $196-million.
The DFS considered starting production at a rate of 1.3-million tonnes a year, and ramping up to 2.6-million tonnes a year after the fourth year of production. The project was expected to have an average life-of-mine production of 5 400 t/y of contained niobium.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
For over 15 years, Lilak Aluminium, a trusted leader in architectural extrusion supply, has delivered excellence to businesses like yours.
VISIT SHOWROOM
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
