Walkabout Resources Ltd. said Feb. 20 that it received approval from the China Export Credit and Insurance Agency for funding 80% of the China-sourced project equipment for its Lindi Jumbo graphite project in Tanzania.
The gross deferred loan amount of US$9.75 million has been released, of which the company prepaid US$1.95 million.
The initial payment will be available upon dispatching the first shipment from China to Tanzania.
"The approval of deferred loan funding for the project completes a major cornerstone of our funding plan. The project is progressing extremely well in spite of the legislative delays being experienced in Tanzania," Walkabout Chairman Trevor Benson said.
Walkabout shareholder Jinpeng Mining and Machinery Co. Ltd., together with the Walkabout engineering team, is finalizing engineering design, which is over 80% complete.
The company said it remains in discussion with the mining contractor, the camp supplier and operator, civil engineering contractors, the logistics provider and the general contractor for small items.
Walkabout shares closed the Feb. 20 trading session up more than 5% on the ASX.