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LONDON - Jangada Mines plc, a natural resources company with projects in Brazil and other locations, has acknowledged advancements at Blencowe Resources PLC’s Orom-Cross graphite project. Jangada, which holds about a 7% stake in Blencowe, highlighted the recent completion of key milestones for the project’s Definitive Feasibility Study (DFS).
Blencowe has received an additional $500,000 from the US International Development Finance Corporation (DFC), as part of a non-repayable $5 million grant, with $4 million disbursed to date. This funding supports the Orom-Cross project in Uganda, which is nearing the completion of its DFS. The grant is non-dilutive and does not require repayment.
The DFC had temporarily paused disbursements following a US government transition, but the resumption of funding to Blencowe signals confidence in the project. The latest tranche was released upon the achievement of milestones including micronisation studies, environmental and social impact assessment approval, and water studies.
Micronisation has reportedly created high-value product streams that could substantially increase the project’s basket price. Blencowe’s Executive Chairman Cameron Pearce expressed optimism about the project’s low costs, high-quality end products, and potential for non-China sourced battery-grade graphite.
The company anticipates additional funding tranches and is focusing on downstream processing initiatives in Uganda to further enhance product value. As Blencowe continues to meet its objectives, Jangada’s Executive Chairman Brian McMaster expects a significant revaluation of Blencowe’s share price.
This update is based on a press release statement and reflects neither an endorsement of claims nor a prediction of future performance.
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