PERTH (miningweekly.com) – Graphite developer Walkabout Resources has started an integrated international project ‘early start’ programme to start the procurement, manufacturing and site works for its Lindi Jumbo project, in Tanzania.
The ‘early start’ programme is aimed at advancing the construction process along its critical path while project funding is being finalised and negotiated. The programme included the start of manufacturing work in China and early site works in Tanzania.
Along with the ‘early start’ programme, Walkabout has also finalised a share placement of A$3.1-million, priced at 23c a share, which will fund the ‘early start’ programme.
The company is working on funding options for the Lindi Jumbo project, where Walkabout has previously inked two binding offtake agreements accounting for up to 75% of the planned annual production over the first five years of the operation.
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.