Saturday , February 24 2024

Chinese company acquire controlling stake in Walkabout

The developers of Tanzania’s Lindi Jumbo Graphite Project, Walkabout Resources Ltd’s recently announced placement has closed fully subscribed,

The 15 per cent placement raised a total of A$1.555m to be used to progress engineering and procurement works at the Lindi Jumbo graphite Project in southern Tanzania.

Walkabout has secured Yantai Jinpeng Mining Machinery Co Ltd (Jinpeng), as a major shareholder with a ten percent interest in the company.

“We thank the shareholders for their continued support and to Jinpeng, our new major shareholder, for their support and for endorsing the quality and economics of the Lindi Project,” said Walkabout Chairman Trevor Benson.

The remaining shares were placed with qualified Sophisticated Investors as required by Section 708 of the Corporations Act under the Australian Stock Exchange.

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