Walkabout set to run with graphite development following licence grant

AFTER a tough year for Western companies rocked by uncertainty about the mining code in Tanzania, new licence holder Walkabout Resources believes the worst is now over in the east African country.
Walkabout set to run with graphite development following licence grant Walkabout set to run with graphite development following licence grant Walkabout set to run with graphite development following licence grant Walkabout set to run with graphite development following licence grant Walkabout set to run with graphite development following licence grant

"(The authorities) now are willing and wanting to work with industry to meet (Tanzania's) GDP targets," Walkabout executive director Allan Mulligan told the Africa Downunder conference in Perth.

ASX companies undoubtedly pleased with Mulligan's claims would include the likes of Kilbaran Resources, Volt Resources, Magnis Resources, Orecorp, Black Rock Mining and Strandline Resources.

Walkabout's permit means it now moving onto financing, with US$29.7 million needed for developing the project.

Walkabout claims its' project has "best in class" flake size distribution and said to be "perfect" for the expandable and specialty graphite markets.

Walkabout started the current quarter with A$6.4 million.

Walkabout shares were up more than 21% to 17c in late trade following the announcement of the mining permit.

At that price the stock is capitalised at nearly $45 million.