[Tanzania] AB Minerals Corp announces financing agreement for its Dar es Salaam Coltan processing facility
AB Minerals Corp has engaged Destiny Mineral and Agricultural Consultant of Dubai, UAE to lead a $40 million financing for the construction of the first coltan processing facility in Africa, to be located in Dar es Salaam, Tanzania.
The agreement contemplates a financing totalling US$40 million. This transaction will take the Company through construction to commercial production, including all contingencies and working capital requirements for full scale operations.
Vimbai Chakanetsa, CEO of DMAC stated: "This Eco-Friendly coltan processing plant will be Africa's first, and heralds the dawn in the African economic transformation narrative where our dream for a socio-economically transformed Africa through our natural resources becomes a reality. This new technology will allow for value-addition and beneficiation of tantalite bearing ores on the African continent for the first time in its history. We at DMAC are looking forward to working with AB Minerals and assisting with their planned expansion for many years to come."
Frank Balestra, CEO of AB Minerals Corp. commented: "We are excited to partner with DMAC and their CEO Vimbai Chakanetsa. They have extensive knowledge in the African mining industry and will be a strong financial partner for the project. DMAC will assist the Company in accelerating our vision of value-addition for tantalite bearing minerals throughout the African continent. This is a significant milestone for the Company."