Equatorial Resources will secure the $230 million needed for its Mayoko-Moussanji by either selling shares in the project or concluding an offtake agreement.
Other sources of finance would be traditional debt or by leasing out the rolling stock required for the Republic of Congo (RoC) project which would provide half of the total capital required, said John Welborn, MD and CEO of Equatorial Resources, reports MiningMX.
Meanwhile, Equatorial Resources has lodged a mining licence application with the ministry of mines and geology in the Republic of Congo for its 100% owned, two million tonne/year (mtpa) Mayoko-Moussondji iron project.
Equatorial’s managing director and CEO, John Welborn, commented “Completion of the feasibility study and submission of the MLA for Mayoko-Moussondji is the result of excellent work by our team and represents an important milestone for the company. We will now work with the government to secure the required approvals and continue to advance the project and progress opportunities for financing our project.”