Mining

Madagascar: Tantalus still looking for financing for Antsiranana rare earths

Saturday, 05 September 2015 18:39

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.

On the same topic
Release by Scatec signed two solar leasing deals: a 23.75 MWp plant in Liberia and a 40 MWp facility in Sierra Leone. The Liberian project will boost...
Ghana’s government plans to exempt import taxes on machines used for agro-food processing to cut costs for processors and boost value addition. Large...
Africa eyes seafarer shortage to boost maritime workforce role Training expands, but lack of investment hinders industry integration African...
Sudan seeks Belarus support to rebuild energy infrastructure Partnership aims to ease crisis, revive vital public services Sudan has invited Belarus...

Most Read
01

Côte d’Ivoire traced 40% of cocoa for 2024/25 season Most cocoa remains untracked due to info...

With 40% of Its Cocoa Traceable, Côte d’Ivoire Faces a Race to Meet New E.U. Standards
02

• World Bank raises 2025 growth forecasts for Benin, Mali, Burkina, Côte d’Ivoire• Senegal and Niger...

World Bank Revises Up 2025 Forecasts for Four WAEMU Countries, Amid Falling Inflation
03

• AfDB chief Sidi Ould Tah met BOAD president Serge Ekué in Abidjan on Aug. 30.• Talks focused on jo...

AfDB, BOAD join forces to expand financing for West Africa projects
04

Indorama to invest $210M in Senegal phosphate sector upgrade ICS to expand fertilizer, acid ...

Indorama, Petrochemicals Major, to Invest $210 Million in Senegal Fertilizer Plant
05

Africa holds 30% of key minerals for green tech. Leaders urge local processing to boost value...

African Countries Chart a New Green Industrial Path, Powered by Critical Minerals
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.