Company Announcement: Noble Group Funds Kaboko Mining Limited
Zambian focused manganese company Kaboko Mining Limited is pleased to announce that that it has drawn a further $1 million under Tranche A of the $10 million Prepayment Debt Facility (Prepayment Facility) and long term manganese ore Manganese Off-take Agreement with Noble Resources International Pte. Ltd., a wholly owned subsidiary of Noble Group Limited. This draw down of $1 million has been made in advance of the confirmation of licensing conditions in relation to the Northern Manganese Project at Mansa, Zambia which was previously announced on 24 December 2012. The Company expects that the confirmation of the licenses will made upon the re-opening of the relevant legal and regulatory offices in Zambia at which point in time $3 million will be advanced on or about 31 January 2013.
Kaboko’s CEO, Tokkas Van Heerden said that “this funding support from Noble along with the appointment of their representative, Papi Molastane, to the Board of Directors, provides strong support to the Company as it accelerates the development and mining of its high-grade manganese projects.” The $4 million to be drawn under Tranche A of the Prepayment Facility provides the Company with all the scheduled funding necessary to complete the mine development and associated plant and equipment purchases at its Northern Manganese Project at Mansa, Zambia and commence deliveries of high grade manganese ore to Noble. Director interest notices are also attached to this release in respect of the appointment of Messrs Tokkas Van Heerden and Papi Molastane to the Board, and the resignation of Mr Jason Brewer.
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