A financial adviser has been retained by Banff Resources (BFF-V) to negotiate US$66 million of debt financing for the company’s Kasese and Kilembe projects in Uganda.
An equity fiancing is also being considered, Banff reports.
The junior company holds a 55% interest in the Kasese project, a cobalt concentrate stockpile where the company plans to build a processing plant to produce cobalt metal.
The operation is being built in two phases, the first of which will incur capital costs of US$96 million.
The company holds an option to earn a 65% interest in the Kilembe mine by producing a feasibility study and placing the cobalt mine into production.
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