JOHANNESBURG (miningweekly.com) – ASX-listed Tawana Resources subsidiary Lithco, which holds the company’s 50% interest in the Bald Hill lithium and tantalum mine, has executed a binding A$5-million loan agreement with Red Coast Investment, a company nominated by Germany’s Weier Antriebe und Energietechnik.
Weier is a subsidiary of Shenzen stock exchange-listed lithium industry specialist Jiangte Special Electric Motor.
The funds will be used for development at the Bald Hill project, which Tawana owns with Alliance Mineral Assets.
Last month, Tawana announced that an undisclosed tantalum industry specialist had agreed to buy a minimum of 600 000 lb of tantalum concentrate in aggregate from April 2018 to December 2020 or all of the standard grade tantalum concentrate produced at Bald Hill within the period if the delivery is less than 600 000 lb.
The mine is located in the Eastern Goldfields of Western Australia.