Tanzanian tick for Kibaran
7th September 2018
Resources Rising Stars
Kibaran Resources’ Epanko graphite project in Tanzania has received some certainty with the government’s mining commission agreeing to renew the project’s mining licence (reports MiningNews).
Kibaran said it had received a letter stating the commission would renew the licence when it expired for a further 10 years, provided Section 53 requirements of its mining act were fulfilled.
The company said the guarantee letter was a major requirement of lenders.
"This letter of guarantee for its renewal is an important demonstration of government support for the project and formed part of broader discussions that are currently taking place with the commission," Kibaran said.
It said the current discussions were to finalise the remaining requirements of the lenders so Epanko's construction could proceed as soon as possible.
At a presentation in Perth last week, the company said it had German and Australian project financing only awaiting Tanzanian government clearance to facilitate banking requirements.
Epanko has a preproduction cost of US$89 million and is forecast to produce 60,000tpa of natural flake graphite.
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