When the funding proposals are finalised, they will be referred to shareholders for approval. Separate talks over financing for the necessary rail connection are also underway. The Development Bank of Southern Africa is seen as the most likely source of finance for the 44 km spur railway from the mine to the Lephalale line, which is expected to cost ZAR650M (US$51.5M) to build. Three of the line’s seven bridges have already been completed. In the meantime, the company is also reported to be in talks with Noble Resources International over continuing its interim financial support.
In a statement, the company said: “Those proposed lenders have completed their due diligence investigations of the project and the company, and are currently engaged in their respective internal credit approval processes.