PERTH (miningweekly.com) – Graphite developer Walkabout Resources has started prestart activities at its Lindi Jumbo project, in Tanzania.
“The Lindi Jumbo mine is rapidly materializing and on track for first production in the second quarter of 2022. At Walkabout, we have always done what we said we would do, and it has been very rewarding finalising planning and project logistics this week,” aid CEO Allan Mulligan.
“Our focus in stage 1 and 2 construction are on those items on the critical path including the civils required for plant erection and the continued manufacture and shipping of plant equipment from our engineering, procurement and construction contractor in China.”
Walkabout in April this year secured a $20-million debt funding from CRDB Bank of Tanzania, and is in the midst of a A$7.6-million capital raise, which will close on June 25.
Alternatives for the final and third tranche of development capital raise are currently being assessed.
The Lindi Jumbo project is expected to require a capital investment of $32-million, including working capital and financing costs, with $3.6-million already having been spent on construction activities and on long-lead manufacturing items.
Over its 24-year mine life, the project is expected to produce some 40 000 t/y of graphite concentrate.