Tantalus Rare Earths AG, German company with assets on a rare earths project in North-East Madagascar, revealed on 4th September going through a difficult financial situation, in connection with the mobilisation of resources for this project.
It attributed this situation to the default of one investor who acquired an important number of shares, 750,000 new shares for 6 million Euros, and who did not follow through with its commitments at the term of the operation, as part of company’s capital increase at the beginning of the year.
The German company, which had already concluded off-taking agreements for the production which is scheduled to begin around end 2016, said that it had started discussions with partners for the financing of the project which could be finalised during September.
The funds currently available are sufficient, it clarified, to continue activities until beginning October in the project containing 560,000 tons of measured, indicated, and inferred oxide resources.
Tantalus Rare Earths holds 100% of the rare earths project located in a concession covering 300 km2 in eastern half of the Ampasindava peninsula in Antsiranana province.
From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...
• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...
Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...
Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...
Even though it remains the smallest "crypto-economy" in the world, sub-Saharan Africa shows that vir...
South Africa anchors African bonds with liquidity, but yields lag Ghana and Zambia. Ghana and Zambia deliver 20%+ yields, driving bond rallies despite...
• UN urges shift from arms to human development in Africa • Military spending rises, deepening poverty and fiscal strain • Region needs $70B...
Lomé begins dredging to handle larger container ships Port traffic hits record 2 million TEUs in 2024 Strategic hub for regional transshipment and...
Malawi votes in high-stakes presidential election Tuesday Economic crisis, inflation dominate voter concerns Chakwera faces Mutharika, Banda in tight...
Surprisingly, only one African song made it onto Rolling Stone's list of the 500 Greatest Songs of All Time. The track is "Essence," a collaboration...
The Umhlanga Festival, also known as the “Reed Dance,” is one of the most iconic cultural events in the Kingdom of Eswatini in Southern Africa. Every...