TANTALEX LITHIUM CLOSES ON 3M USD WORKING CAPITAL FACILITY
Tantalex Lithium Resources Corp. has announced that it has closed a working capital finance facility of $3 million for its TiTan tin and tantalum concentrate plant, which is scheduled to begin production at the end of March 2023.
The funds will be made available for drawdown as of February 8th, 2023. The Facility shall be repaid in installments of $125,000 per month plus the interest payable at a rate of 10% per annum.
Construction works have now resumed, and transportation of the plant modules from Manono to the plant location are ongoing. Eric Allard, CEO of Tantalex, commented, “With tin metal prices now recovering from the 2022 lows and reaching almost $30,000 per ton, the timing to start production of our tin and tantalum concentrates could not be better.
Our team is working very hard through the rainy season to reach the April commissioning target date.” The company’s joint venture subsidiary, United Cominiere SAS, holder of concessions 12447 and 12448 where the TiTan plant is located, has completed the mandatory transfer of 10% of its shares to the Congolese Government upon transformation of a research permit to a mining permit.
Following this transfer, the Corporation will own 63% of United Cominiere SAS, whilst Cominiere will own 23%, and the Congolese Government will own 10%.
