Australian energy developer clears final legislative hurdle in Tanzania

Dar es Salaam, Tanzania (PANA) - Graphite developer Walkabout Resources, based in Western Australia, wants to advance project funding negotiations after a mining licence was granted for its Lindi Jumbo project, in southeastern Tanzania.

“The mining licence approval is the final major legislative requirement for the project,” said Walkabout Managing Director Allan Mulligan on Thursday.

“We have been assured by the Ministry of Minerals of Tanzania of their support and willingness to assist the emerging mining industry in Tanzania, meeting those regulatory obligations required to facilitate mine development and grow the industry.

“This has been a difficult year for mining in Tanzania, and where there are some issues still to work through, the legislative uncertainty is now resolved,” Mulligan told delegates at the African Downunder conference, in Perth, Australia.

Walkabout’s US$29.6-million Lindi Jumbo project is expected to produce some 40,000 t/y of graphite-in-concentrate over a mine life of 20 years.

Mulligan noted that detailed engineering for the project was now nearing completion, while the project’s engineering, procurement and construction partners in China expected to start equipment manufacturing within the next week.

“We have enough in the treasury to start the project, and with the mining licence now in place, we can start discussions with funding partners. Securing the mining licence means Walkabout can now fast-track Lindi Jumbo and we anticipate first shipments of large flake graphite concentrate within nine to 12 months,” he added.

Updating investors on the graphite company’s grant of a Tanzanian mining licence,  Walkabout Resources Ltd  non-executive director Andrew Cunningham said:  “We are the first ASX-listed company to get our mining licence under the new Tanzanian legislation, to say we’re excited is probably the understatement of the century.”

He explained that granting of the mining licence allows Walkabout to further progress advanced project funding options. The project hosts a JORC 2012-compliant measured, indicated and inferred mineral resource of 29.8 million tonnes at an estimated grade of 10.9 % total graphitic carbon (TGC).

This resource contains a super high-grade core of 4.7 million tonnes at 22.8% TGC for 1,076,500 tonnes of contained graphite, making it the highest mineable graphite resource in Tanzania. Walkabout Resources Limited is an African focused energy minerals developer.
-0- PANA AR 31Aug2018

31 august 2018 10:21:26

xhtml CSS