Walkabout Resources Ltd (ASX:WKT) has received approval from China Export Credit and Insurance Agency for funding 80% of the China-sourced project equipment for its Lindi Jumbo Graphite Project in Tanzania.
This amounts to a gross deferred loan amount of US$9.75 million of which US$1.95 million (20%) is a pre-paid deposit by the company.
Trevor Benson, chairman, said; “The approval of deferred loan funding for the project completes a major cornerstone of our funding plan.
“The project is progressing extremely well in spite of the legislative delays being experienced in Tanzania.”
Engineering design is beyond 80% complete
Walkabout is finalising engineering design at Lindi which is currently beyond 80% complete.
The engineer has allocated and stored two mill shells in order to reduce lead times and facilitate construction once the project start-up is given by the company.
Tanzania recently restructured the country’s mining regulations.
Walkabout has met with the newly appointed acting chief executive officer of the Tanzanian Mining Commission and is assured that progress on implementation of the regulations is well underway.
READ: Walkabout Resources expands lithium exploration footprint in Namibia
Walkabout’s initial exploration set-up and field access at the Eureka Lithium Project in Namibia has commenced and mapping and sampling is underway.
Northern Ireland Exploration, UK
Walkabout has received final transactional approval for the acquisition of a diversified exploration portfolio in Northern Ireland from Lonmin Plc (LON:LMI), an international metal producer.
The Northern Ireland exploration portfolio provides “ready to go” exploration projects and assets with significant upside potential in minerals such as gold, lithium and base metals.
Walkabout has already identified numerous exploration targets and has commenced exploration activities aimed at generating drill targets.