Globe Metals & Mining (ASX:GBE) Advances Kanyika Project with $10M IDC Funding and $1.2M Additional Loan
Funding and Financial Updates
Globe Metals & Mining Limited (ASX:GBE) signed a non-binding Term Sheet with the Industrial Development Corporation of South Africa for a US$10 million convertible loan to fund the Kanyika Niobium Project’s pre-development work. Additionally, the company secured a short-term loan facility of up to US$1.2 million from Director Bo Tan, supplementing the existing A$2.3 million facility. Cash at bank at the end of the December 2024 quarter was $0.28 million.
Operational Progress
Globe progressed its updated feasibility study for the Kanyika Project on time and budget, expecting completion by March/April 2025. The company also received commitment on power supply from the Electricity Supply Corporation of Malawi Limited (ESCOM), ensuring 3MW for Phase 1 and an additional 13MW for Phase 2. Key development milestones include advancing social agreements, government negotiations, and strengthening the Execution Owners Team.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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