• Blencowe raises £3 million via share placement for Uganda graphite project
  
• Funds support Orom-Cross development amid delayed lender financing
  
• Project targets 2027 production, diversifying graphite supply from China
  

London-listed miner Blencowe Resources said on Thursday it has raised 3 million pounds ($4 million) through a share placement with investors. This marks its third fundraising in 2025 to develop its Orom-Cross graphite project in Uganda.

A definitive feasibility study outlines a mine capable of producing 20,000 tonnes of graphite concentrate per year in an initial phase, requiring a $40 million investment. To unlock this potential, Blencowe has for several months sought to secure funding from lenders, but no final agreement has yet been reached. Meanwhile, work on Orom-Cross continues using existing cash, primarily from equity fundraisings.

Before the latest 3 million pounds raise, the company had already secured 1 million pounds in April and 1.12 million pounds in September. While modest compared with larger projects, the financing reflects continued strong market support for Orom-Cross.

Amid low prices and a global supply surplus, Orom-Cross remains a strategic project in a graphite market largely dominated by China. It is positioned as a potential alternative source as Western countries seek to diversify supply. More broadly, the project comes as graphite demand is expected to rise, driven by the energy transition.

According to the International Energy Agency (IEA), global graphite demand is forecast to more than double to exceed 10 million tonnes by 2040. Against this backdrop, Blencowe aims to accelerate its financing efforts and move toward a planned start of production in the first half of 2027. If completed, the project would give Uganda its first industrial graphite mine.

Aurel Sèdjro Houenou