(Ecofin Agency) - Walkabout Resources announced today May 30, it has exercised an option to acquire the remaining 30% stake that it did not already own in Tanzania-based Lindi Jumbo  graphite project. Indeed, under the purchase agreement concluded in 2015 with the vendor, the company had an option to acquire the rest of interest for $1 million.

“The purchase of the remaining 30% of the Project will see a huge value-adding transaction into the Company. The passing of this significant project milestone is indicative of the confidence that management has in the Project and in the subsequent progression of events in Tanzania,” Chairman Trevor Benson said.

The project, estimated at $29.6 million, is expected to produce 40,000 tons of graphite per year over its 20-year lifestime.

Louis-Nino Kansoun