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Chimata Gold secures US$9.5M in funding for Kamativi lithium tailings project

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Chimata Gold secures US$9.5M in funding for Kamativi lithium tailings project

Chimata Gold Corp. said Jan. 9 that Kamativi Tailings Co. Pvt. Ltd. signed a US$9.5 million finance and off-take facility with Transamine Trading SA for concentrate produced from the Kamativi lithium tailings project in Zimbabwe.

Zimbabwe Lithium Co. (Mauritius) Ltd., Chimata's local partner, owns 60% of the Kamativi Tailings joint venture. The government holds the rest.

Chimata said it will use the proceeds to build the first phase of the project's processing plant and for working capital.

The facility is in line with the construction plan and allows enough time for repayment from free cash, the company added.

As part of the deal, Transamine will have the right to 150,000 tonnes of +6% lithium oxide spodumene concentrate from the plant. Chimata said commercial terms will be based on the international market.

The agreement comes after Chimata won a dispute with Beijing Pingchang Investments Co. Ltd. over the rights to the project.

A September 2018 resource estimate for Kamativi outlined indicated resources of 26.3 million tonnes grading 0.58% lithium oxide.