Aim-listed Armadale Capital says it is in advanced project-level funding discussions with two parties, with the aim of bringing in an investment partner to progress its Mahenge Liandu graphite project, in Tanzania, through to mine construction.
The company is working to build Phase 1 of the 80 000 t/y project.
Since publishing a definitive feasibility study earlier this month, Armadale has been engaging with a number of potential strategic investors or possible joint venture (JV) partners.
The company says the interest from parties in the project ranges from small to medium-sized project development funding at an investor level from reputable private equity mining specialists, through to possible engineering, procurement and construction management partnerships with internationally recognised construction management groups.
Additionally, Armadale says it is advancing separate discussions with a number of Asian parties and hopes to provide further announcements on developing funding in this regard soon.
“For Armadale, finalising an agreement with a potential strategic investor or JV partner will represent an extremely important milestone for Armadale and we are fully committed to advancing these discussions whilst also continuing to progress workstreams in relation to detailed design engineering, and the finalisation of our application for a full mining licence.
“Armadale has delivered a number of key value accretive milestones in recent months and we look forward to maintaining this momentum in the near term in order to continue to build value for shareholders,” states chairperson Nick Johansen.