ASX-listed Lepidico has entered into a formal mandate with the US International Development Finance Corporation (DFC) to undertake an in-depth analysis and evaluation of the Karibib Phase 1 project, in Namibia, to determine whether the project qualifies for DFC financing.
The DFC will undertake detailed due diligence to ensure the project meets DFC’s criteria, including the project's creditworthiness, its developmental benefits to Namibia and its effects on the environment.
“Lepidico is pleased to be working with DFC in relation to its Phase 1 project. The engagement of DFC through a formal mandate is an important milestone in bringing the project to development and, in particular, is testament to the project’s positive environmental and social credentials,” says Lepidico MD Joe Walsh.
The Phase 1 project encompasses the redevelopment of the openpit mines at Rubicon and Helikon 1, the development of a new mineral concentrator and a chemical plant.
The company in May said the project is expected to require a capital investment of $139-million for the mine, concentrator and chemical plant.
Lepidco has, since January, been working with boutique investment bank Lions Head Global Partners, to assist in securing financing for the project.