Blencowe Resources PLC (LSE:BRES) CEO Mike Ralston speaks to Proactive after the company announced the award of a US$5mln grant from Development Finance Corporation for the Orom-Cross Graphite Project in Uganda.
US International Development Finance Corporation is America's leading development finance institution that partners with the private sector to provide finance solutions for project development in markets deemed as critical to US interests. Blencowe says in the RNS accompanying the news that the DFC is a proxy for the US Government, which funds the organisation and ultimately sets its vision, parameters and funding distribution.
DFC is to co-fund the Definitive Feasibility Study and also to be lead partner for the project financing ahead to take Orom-Cross project into production Orom-Cross is a potential world-class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year mining licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is moving through the feasibility study phase.