A massive graphite boulder at Walkabout Resources' Lindi Jumbo graphite project in Tanzania

Securing funding is the only barrier preventing Walkabout Resources from progressing its Lindi Jumbo graphite project in Tanzania.

Tanzania – Positively, Walkabout Resources has announced that it is advancing work on securing the funding requirements for Lindi Jumbo.

Potential funding options are being progressed with an international investment bank for non-bank debt financing alternatives. Due diligence activities are underway and detailed discussions are ongoing, the company stated.

At site, the early start programme is progressing to schedule and within budget at the processing plant, tailings storage facility (TSF) and explosive magazine and topsoil storage areas.

At the processing plant area, good progress has been made with the clearing, topsoil removal and stockpiling, terracing and levelling and ROM pad. The clearing of the area for the explosive magazines and topsoil management area is complete and levelling and base preparation for the planned civils in progress. Clearing and grubbing for the starter area of the TSF is underway and once completed the stripping of the topsoil material for stockpiling will commence.

Approximately two thirds of the Relocation Assistance Programme (RAP) has been finalised with all affected persons being satisfactorily disposed to the compensation payments. The final third of the programme will be concluded before the end of July.

Early-start programme to continue

While funding discussions and due diligence activities are progressing the early-start program will continue and be closely managed to ensure a smooth operational start when applicable.

In China, all procurement of out-purchase long-lead time items for the manufacture of long lead items has been completed and manufacturing activities have commenced. Walkabout Resources' project engineer has returned from Yantai and reports that the rod mill and float cell banks are currently in the manufacturing workshop.

Once the EPC contractor Jinpeng Mining and Machinery, is mobilised for full manufacture and construction, the early-start programme on long-lead items will have advanced their time-table considerably.

About Lindi Jumbo

Lindi Jumbo is situated in south-eastern Tanzania, approximately 200 km from the port of Mtwara. Walkabout Resources has taken the project from discovery in October 2015 to the completion of a highly robust DFS within 16 months and has been granted a mining lease over the deposit.

The very high grade and exceptional distribution of large graphite flakes within the Lindi Jumbo project area provides significant competitive advantage in capital and operating cost reduction and also in metallurgical performance through the potential production of a sought after, premium natural graphite flake product.  The company is fast-tracking the development of this project to capitalise on the predicted high demand for premium flake concentrate.