The African Export-Import Bank (Afreximbank) has given initial approval for $25-million in debt funding for the Lindi Jumbo project, in Tanzania, project developer Walkabout Resources announced on Friday.
The company has executed a nonbinding, conditional term-sheet with Afreximbank, which will become binding once certain conditions are met.
“We have been working with the Afreximbank team on securing the funding for the Lindi Jumbo project for some time and are very pleased that the application has now received initial approval,” said executive director Allan Mulligan.
He noted that each of the development banks that Walkabout had been working with recognised the outstanding economics of the Lindi Jumbo graphite projects and the benefits that it would bring to the community.
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.