Kazera Global, which owns Tantalite Valley Mine in Namibia, says it is ready to increase production of tantalum and lithium after it received N$8.4 million from Chinese company Hebei Xinjian Construction.
According to a deal announced in July, Kazera will receive a total of N$125.3 million investment from Hebei in return for a 49% stake in its marketing, sales and export subsidiary African Tantalum for all lithium production from its wholly owned mine at Tantalite Valley, in Namibia.
The investment will consist of a mixture of cash, machinery and services, with a minimum of N$41.8 million payable to Kazera in cash.
The first payment of N$1.7 million was paid on July 25 and the second tranche of N$6.7 million on August 15. The remaining balance in installments will be due on or before January 31 next year.
“The timely receipt of the second installment of the investment under the lithium deal, highlights Xinjian’s positive outlook for Kazera’s joint venture,” Kazera CEO Dennis Edmonds said.
“We are now focused on maximising this investment in our Namibia operations with a view to also substantially increasing tantalum production this year, and to commence lithium sales in the first quarter of 2023 for which the global energy landscape and the importance of materials linked to the electric revolution continues to grow apace by the day,” Edmonds said.
Kazera Global is an investing company listed on AIM, focused principally, but not exclusively, in the resources and energy sectors, with investments in Namibia focused on resource definition of tantalite and lithium and in a diamond and heavy mineral sands project in South Africa.