Ann: Becoming a substantial holder, page-651

The pieces of the puzzle finally coming together…What we have hoped for is now…$$$

A fully funded project and first to be provided with debt funding outside of China…

From two days ago article…The Turn around in 2021 has been dramatic

The turnaround in 2021 has been dramatic. Since April, Walkabout has closed a $US20 million project debt financing deal with Tanzanian commercial bank CRDB and has finalised a three tranche equity raising which will eventually net it the $US12 million needed to fund project construction. Mulligan – who has resigned as director and assumed the position of chief operating officer – told Paydirt both commodity and country were enjoying new momentum.

“Tanzania is a very different environment under the new President,” he said.

“The Companies Administration office registered 200 new companies in the first half of July, that shows the surge in confidence. “President Samia Suluhu Hassan is bringing new capital works programmes back on without pointing fingers at international firms. In fact, the fingers she is pointing are at her own tax office for discouraging investment.

“Tanzania is very proud of her and the whole region sees her as a bright light.”

The one legacy issue remaining from Magufuli’s presidency is the question of the Government’s entitlement to a 16% free-carried interest in projects. Mulligan said expectations in Tanzania were for the policy to remain as a default position for all mining deals.

“The Government has changed the model from applying it on a case-by case basis to it being a universal standard model across the industry,” he said.

If the investment outlook for Tanzania is sunnier, the same could be said for graphite. Lindi Jumbo is a high-grade, large flake deposit, one of the few sources of such material outside China.

Mulligan believes this will become an important factor as international groups lift their demand to meet the global EV rollout.

“If you produce a quality product, everyone outside of China will be interested in it,” he explained. “The rest of the world wants independence in the battery supply chain so will need to source material outside China. A lot of it will be going into the European market where there are more than 20 battery factories being built.”

In May, Walkabout joined the European Raw Material Alliance, potentially giving it access to strategic partners eager to source alternative graphite supplies.

“The Alliance is the ideal platform to collaborate with industry specialists in Europe and to support efforts to secure future supply of an alternative new source of graphite through strategic partnerships while make a lasting and meaningful economic contribution to the region of origin,” new Walkabout chief executive Andrew Cunningham said.

Regards Croc (Not all projects are the same…Lindi World Class) $$$