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ADU ReVIeW

Funding hurdle not breaking

Walkabout’s stride

alkabout Resources Ltd chief exec- rica Down Under.
Wutive Andrew Cunningham insists “That said, we don’t want to delay the
debt funding is “still in play” despite the project too much so we’ve gone back to
graphite developer being forced to tap the market to raise the necessary capital Andrew Cunningham
investors to ensure there are no further to get the project to completion.
delays in construction of its Lindi Jumbo “While the debt funding facility is still in
project in Tanzania. play, we have the option to scale back on posit was behaving as expected.
Shares in Walkabout have been sus- the rights issue should that come through “The mining is simple, it’s a small, easy
pended since early June when the com- before the close of the rights issue. Like deposit to mine; we’ve said that all along,”
pany advised there had been a “hiccup” any other junior company in the world, you he said.
in the drawdown of its $US20 million debt always have a Plan B, C, and D, and we “It’s fairly simple to distinguish the
facility with Tanzania’s CRDB Bank. are working on all those alternatives at the graphite on the ground. We’ve done our
Walkabout has since opened a rights same time.” first blast, we are stockpiling the graphite
issue to raise up to $33.17 million to com- Cunningham said front-end construc- at one of the lowest risk areas of this pro-
plete construction works at Lindi Jumbo tion activities at Lindi Jumbo were either ject.”
which are now scheduled to finish during “complete or virtually complete” with some Construction has also started on the
the first half of next year. 63% of the required equipment now on final 60km of gravel road connecting the
Cunningham said the company was site and the remaining components await- project to the main highway.
working with CRDB to fulfil the final condi- ing shipping from China. First graphite concentrate production
tions precedent for the issue of the debt Mining is continuing with ore being from Lindi Jumbo is slated for the end of
funding package, which was the provision stockpiled for the upcoming commission- the first half of next year. Walkabout has
of a standby letter of credit. ing phase and waste rock being used in a binding sales agreement with Wogen
“We’ve gone back to the bank with vari- the construction of the nearby tailings stor- Pacific Ltd for 100% of product for the first
ous alternative options around that which age facility. five years.
they are currently considering,” he told Af- Cunningham said the Lindi Jumbo de-
– Michael Washbourne

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Page 42 OCTOBeR 2022 aUSTRaLIa’S PaYDIRT