Walkabout Resources has announced that its flagship Lindi Jumbo Graphite Project in Tanzania has further progressed in the construction phase, with the CRDB-approved Independent Project Manager completing site visits and bulk earthmoving contractor TNR commencing mobilisation.
Together with this month’s visit from Tanzanian government officials – including the Honourable Prime Minister Kassim Majaliwa – these developments bring the high-grade graphite project another step closer to production.
CEO of Walkabout Resources, Andrew Cunningham commented: “The appointment of the Independent Project Manager by CRDB has kickstarted project development activities, with the mobilisation of bulk earthmoving equipment now under way.
“These activities coincided with the Company hosting two high-level Government delegations to site over the past week through visits by the Honourable Prime Minister of Tanzania Mr Kassim Majaliwa and Honourable Deputy Minister of Minerals Prof. Shukrani Manya. Lindi Jumbo is now officially in construction and we look forward to updating our shareholders on the progress over the coming months.”
Under the US$20 million project debt agreement, an Independent Project Manager (IPM) is required to be appointed to approve the payment of project funds from either the companion equity or the project debt. A total of US$8 million of companion equity funds has already been deposited with CRDB in Tanzania. The final US$4 million of companion equity is expected next week, subject to approval by shareholders.
As announced in July, TNR was appointed to undertake site earthworks and civil engineering work. As these activities form a critical pathway of the project development schedule, full mobilisation was subject to IPM approval of the mobilisation payment.
CRDB approved the appointment of the IPM in early August. Since then, the IPM has undertaken a site visit and given the necessary approvals. Mobilisation payments have been made to TNR and site mobilisation has now commenced.