Key Minerals of the African Continent: Uganda's First Graphite Mine Project Is Progressing Smoothly, Operator Has Secured a Financing Advisor

¬ Blencowe has hired WaterBorne to provide financing for its $62 million Uganda graphite project

¬ The Orom-Cross project is planned to start in 2026, with an annual production of 50,000 tons in the second phase

¬ Companies such as AfC and DfC have shown interest in the project financing

Blencowe Resources announced in a report released on Thursday that it has hired South African consulting company WaterBorne Capital to provide financing for its Orom-Cross graphite project in Uganda. WaterBorne Capital will be responsible for designing and developing the financing plan for this mine, which has an initial cost of $62 million.

"Finding an experienced project financing partner is crucial for Orom-Cross. [...] The involvement of WaterBorne Capital gives us confidence that we can build, lock in, and implement top-notch financing solutions once the final feasibility study (DFS) is completed," said Cameron Pearce, Executive Chairman of Blencowe.

Orom-Cross is planned to come into operation in 2026, becoming Uganda's first graphite mine. A pre-feasibility study conducted in 2022 estimated that the first phase would produce at least 5,000 tons of graphite per year, and the second phase would reach 50,000 tons annually. Although the ongoing feasibility study can optimize these parameters, securing financing is a key step in starting construction.

After receiving letters of intent from several lending institutions, including the U.S. financial institution Development Finance Corporation (DfC), Blencowe decided to bring in WaterBorne. According to the company, African Financial Company (AfC) and "African Commercial Bank" are also considering providing loans and direct equity for the project.

While waiting for more details about the progress of this process, Orom-Cross is not the only graphite project in the financing stage. Just last week, Black Rock Mining, which operates the Mahenge project in Tanzania, announced plans to raise $7.8 million to advance engineering and finalize the financing strategy for the remaining construction costs.

Source: ecofinagency

Original: www.toutiao.com/article/1842718265859145/

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