https://www.miningweekly.com

Strandline appoints Fungoni financier

3rd January 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Mineral sands developer Strandline Resources has selected African mining financier Nedbank CIB as the lead arranger and underwriter for a $26-million project finance facility for its Fungoni project, in Tanzania.

The facility will account for the majority of the $32-million required to develop the Fungoni project, Strandline said on Thursday.

“The mandate with Nedbank CIB puts Strandline well on track to develop its first mineral sands project,” said Strandline MD Luke Graham.

The two parties have signed a non-binding term sheet for a five-year, $26-million project finance facility, with Strandline telling shareholders on Thursday that the due diligence reviews were already under way, and the execution of the fiancé agreement was expected as soon as practicable.

An updated definitive feasibility study into the Fungoni project estimated a pre-tax net present value of $48.7-million and an internal rate of return of 61%, with the two-million tonne a year project expected to produce 302 300 t of saleable mineral sands product over the six-year mine life.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION