• Blencowe hires WaterBorne to fund $62M Uganda graphite project

• Orom-Cross aims for 2026 start, 50,000 tonnes/year in Phase 2

• AFC, DFC, and others show interest in project financing

In a note released on Thursday, Blencowe Resources announced it had hired South African advisory firm WaterBorne Capital to help finance its Orom-Cross graphite project in Uganda. The firm will be tasked with structuring and securing a funding solution for the mining site, which has an initial cost of $62 million.

"Securing an experienced project finance partner is a critical step for Orom-Cross. [...] WaterBorne Capital's involvement gives us confidence that a first-class funding solution can be structured, locked down and implemented once the DFS [Definitive Feasibility Study] is finalised," said Cameron Pearce, Executive Chairman of Blencowe.

Slated to begin production in 2026, Orom-Cross is set to be Uganda's first graphite mine. A 2022 pre-feasibility study indicates it is expected to produce at least 5,000 tonnes of graphite annually during Phase 1, before reaching 50,000 tonnes per year in Phase 2. While the ongoing feasibility study could optimize these parameters, securing financing is a key step toward beginning construction.

The decision to bring on WaterBorne comes after Blencowe received expressions of interest from several lenders, including the U.S. financial institution DFC. The African Finance Corporation (AFC) is also considering a loan and a direct equity stake in the project, as are "African commercial banks," according to the company.

While awaiting further details on the progress of this process, Orom-Cross is not the only graphite project in the financing stage. Just last week, Black Rock Mining, which operates the Mahenge project in Tanzania, announced its plan to raise $7.8 million to advance work while finalizing the funding strategy for the remainder of the construction cost.

Aurel Sèdjro Houenou