Strandline Resources has signed a US$26 million project finance facility agreement with Nedbank CIB for its Fungoni heavy mineral sands project in Tanzania.
Funds will also be used to progress Strandline’s 100%-owned mineral sands projects in Tanzania, including the Fungoni and Tajiri projects.
Strandline Resources has received firm commitments for US$5.5 million to fund ongoing exploration and development of its project pipeline in Tanzania.
Strandline Resources takes another significant step towards becoming a minerals sands producer.
Strandline received $3.0 million via a share placement to investors. Proceeds will be used to finalise funding for the Fungoni project in Tanzania.
Strandline Resources' updated DFS for Fungoni project shows increases in forecast project financial returns and reduced implementation risk.
Strandline Resources has secured a binding offtake agreement for rutile product that will be produced at its Fungoni mineral sands project.
Strandline Resources has signed a binding sales contract for 100% of the ilmenite to be produced at the Fungoni minerals sands project in Tanzania.
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