Tantalex Lithium Resources (CSE:TTX) Corp obtained a revolving finance facility of US$3 million earlier this month for it’s TiTan tin and tantalum concentrate plant, the company announced.
Construction at the plant has resumed and transportation of the plant modules from Manono, Democratic Republic of the Congo, to the plant location is ongoing. The plant is scheduled to begin production in April.
The financing was originally announced on January 13, and the first payment was due on January 23. The remaining funds will be made available for a drawdown as of February 8. The facility shall be repaid in installments of US$125,000 per month, plus interest payable at a rate of 10% per annum.
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The facility also entitles its holder AfriMet Resources Ag to purchase up to 2,400 metric tonnes of tin concentrate over a period of 24 months at a rate of approximately 100 dry metric tonnes per month.
“With tin metal prices now recovering from the 2022 lows and reaching almost US$30,000 per tonne, the timing to start production of our tin and tantalum concentrates could not be better,” CEO Eric Allard said in a statement. “Our team is working very hard through the rainy season to reach the April commissioning target date.”
Meanwhile, Tantalex’s joint venture subsidiary, United Cominiere SAS has completed a mandatory transfer of 10% of its share capital to the Congolese government upon the transformation of a research permit to a mining permit.
United Cominiere holds concessions 12447 and 12448 where the TiTan plant is located.
Following this transfer, the company’s subsidiary Sandstone Worldwide Limited will own 63% of United Cominiere SAS, Cominiere SA will own 27% and the Congolese government will own 10%.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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