By Suleman Chitera
Australian resources firm Lindian Resources, which is constructing the Kangankunde Mine in Balaka, has secured US$11.6-million equipment finance and working capital facility from NBS Bank to support construction of the mine.
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Lindian said in a statement that the NBS Bank facilities reinforce its deliberate strategy of building long-term partnerships with in country Malawian financial institutions and supporting the growth of Malawi’s domestic economy.
Lindian Resources’ Director, Teck Lim said: “The NBS Bank facilities reflect the maturity of Lindian’s financial strategy as Kangankunde progresses main construction. The asset finance provides a locally sourced, structured solution for the Komatsu mining fleet, while the working capital facility provides additional standby liquidity buffer.”
“Securing these facilities through NBS Bank, one of Malawi’s most respected financial institutions provides strong validation for the Kangankunde Rare Earths Project and demonstrates genuine commitment to building close partnerships in Malawi and ensuring that the economic activity generated by Kangankunde flows through local institutions and local procurement.”
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NBS Bank’s Chief Executive Officer, Temwani Simwaka commented that NBS Bank is pleased to partner with Lindian Resources in support of the Kangankunde Rare Earths Project, a strategically important development for Malawi.
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“Lindian’s decision to structure both equipment finance and working capital facilities through a Malawian financial institution reflects a clear commitment to supporting local involvement with the Project. Kangankunde represents a significant opportunity to contribute to economic development, employment and the growth of Malawi’s mining sector. NBS Bank looks forward to supporting Lindian as the Project advances to first production.”
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Kangankunde is expected to start exporting rare earth concentrate to refineries in Australia and Kazakhstan in the second half of this year.
