Fully funded and construction underway, Walkabout Resources Ltd’s current position with its Lindi Jumbo graphite project must have felt very far away at several moments in the last five years. Walkabout’s ambitions for Lindi Jumbo over the period were frustrated by dark clouds falling over the graphite market and the Tanzanian investment climate freezing over, but this year has seen the company take advantage of brighter outlooks for both. Graphite prices have climbed steadily in the last 12 months and the approach of new Tanzanian President Samia Suluhu Hassan in welcoming foreign capital has given companies such as Walkabout a more positive case to present investors.
“Those were the strong resistance points; Walkabout director Allan Mulligan said.
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.
