EcoGraf reported that the Tanzanian Government signed a settlement agreement that will unlock financing for the Epanko graphite project.
EcoGraf (ASX:EGR) reported that the Tanzanian Government signed a landmark settlement agreement with Barrick Gold (TSX:ABX,NYSE:GOLD), which the miner believes will provide the breakthrough unlock the financing and development of the company’s 100 percent owned Epanko graphite project.
Highlights are as follows:
- Barrick Gold and Government of Tanzania sign historic landmark agreement
- Dispute resolution expected to unlock debt financing hurdles for EcoGraf’s Epanko graphite project
- Positive progress achieved with KfW IPEX-Bank financing in recent weeks
- Epanko to be developed under sustainable equator principles, transforming the local economy
- Epanko forecast to generate annual earnings before interest, tax, depreciation and amortization of US$44.5m, an internal rate of return of 38.9 percent and pre-tax NPV10 of US$211 million