Walkabout Resources to acquire remaining 30% in Lindi Jumbo Graphite Project (Tanzania)

By Staff Writer | The Exchange September 22, 2017

African focused energy minerals developer Walkabout Resources are crossing their fingers in optimism after the developer based in Western Australia submitted a mining licence application Tanzania to the Ministry of Energy and Minerals for its operations for its Lindi Jumbo Graphite Project in Tanzania. The company is looking forward for a positive response after the licence is processed.

Currently, a moratorium on the award of any Mining Licences and Special Mining Licences is in force throughout Tanzania but Walkabout Resources believes that the application will be processed administratively and then remain pending final amendment requirements pursuant to the new regulations due for publication and process.

The directors remain confident of the award of a Mining Licence in compliance with the standard fiscal and regulatory requirements.

Walkabout holds 70% of the Lindi Jumbo Graphite Project with an option to acquire the remaining 30% share. As soon as the regulations have been finalised and are enforced, further discussion regarding the proposed 16% “free carry” will be progressed.

Walkabout Resources is also pleased to report that detailed design for the Lindi Jumbo Project is progressing in Yantai, China to the satisfaction of the company.

Walkabout Resources is finalising fixed price procurement and construction agreements for the Chinese components of the process plant and utilities, in equipment and services that will make up the mine construction.

This EPC management area is designated for deferred funding loans under the Silk Road Initiative.

The funding of other areas, such as shared infrastructure, tailings and waste storage, mining capital and the accommodation facility is currently under discussion with various preferred partners and potential investors.

The directors are highly encouraged by the interest in the Lindi Jumbo Project and its graphite products in China.

Graphite prices in China have risen sharply over the last month in response to shortages that have occurred as the result of regulatory curbs being enforced upon the graphite sector in China.

At site, work on the Resettlement Action Plan continues and the program is well advanced and now moving to the negotiation phase.

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