UK-based Blencowe Resources has signed an agreement with the US International Development Finance Corporation (DFC) to provide $5-million in funding through a technical assistant grant for the definitive feasibility study (DFS) programme on the Orom-Cross project, in Uganda. An upfront contribution of $1-million, or 20% of the full amount, will be paid immediately, with the remainder of payments to follow certain feasibility milestones being achieved.
UK-based Blencowe Resources has signed an agreement with the US International Development Finance Corporation to provide $5-million in funding through a technical assistant grant for the definitive feasibility study programme on the Orom-Cross project, in Uganda.
DFC is geared to provide funding assistance for Orom-Cross as part of the US government's strategic drive to secure a reliable supply chain of critical minerals and metals, within its wider $1-trillion Biden-renewables strategy. The DFC partnership opens up the opportunity for Blencowe to consider a larger scale project with potentially greater returns with the DFS, which will have a material impact on the overall project value ahead.
With the support of the DFC, Blencowe can address one of the major challenges and risks to any mining operation, being the clear pathway to fund the project into production. It now has the opportunity to build Orom-Cross with the comfort of having a partner with the means to deliver this.
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