Walkabout strikes new offtake in Tanzania
PERTH (miningweekly.com) – Graphite developer Walkabout Resources has inked a second binding offtake agreement over its Lindi Jumbo project, in Tanzania.
The company has inked a term sheet with graphite product manufacturer Qingdao Risingdawn Graphite Technology Company to deliver 10 000 t of flake graphite over a three year period, following the start of production.
“Since engaging with a number of potential offtake partners, we are seeing an increased level of confidence in our product and a growing interest in our ability to deliver a stable supply of quality, large flake graphite. This is evidenced in the recent signing of binding offtake term sheets,” said Walkabout executive chairperson Trevor Benson.
“This binding offtake term sheet with Qingdao Risingdawn, together with the recently announced Inner Mongolia Qianxin Graphite term sheet, substantially reduces the demand-side risk of the project and is very important for our ongoing funding discussions.”
The new term sheet secures the sale for an additional 25% of the planned annual production from the Lindi Jumbo project over the first three years of the operation, and along with the first term sheet signed with Inner Mongolia Qianxin Graphite accounted for the sale of up to 75% of the planned annual production over the same period.
The 40 000 t/y project is expected to have a mine life of some 24 years, and will cost $27.8-million to develop.
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