Jangada Mines cheers $500,000 grant for Blencowe Resources
Jangada Mines PLC on Tuesday hailed a $500,000 grant awarded to investee Blencowe Resources PLC.
Jangada shares climbed 29% to 1.29 pence each on Tuesday afternoon in London.
As of Tuesday, the Brazil-focused mining project developer has a 7% stake in Blencowe, which is developing the Orom-Cross graphite project in Uganda.
The grant is part of a $5 million funding deal between Blencowe and the US International Development Finance Corp. Since securing the deal in 2023, Blencowe has received $4 million in funds.
Jangada Executive Chair Brian McMaster said: ‘We believe their financing commitment underlines their recognition of the importance of Orum Cross as a future world class supply of graphite, something our team recognised when we originally invested in Blencowe.’
The US government change triggered a 90-day pause in grant payments, during which time existing commitments were reviewed.
‘The recommencement of grant payments to Blencowe reflects renewed DFC confidence in the Orom-Cross project and underlying US government support for its development,’ Blencowe said.
‘This is particularly important as discussions continue on potential DFC cornerstone debt support for project implementation.’
The Ugandan project ‘could position Blencowe as a rare non-China source’ of graphite, it said.
Blencowe’s Executive Chair Cameron Pearce commented: ‘To the best of our knowledge there has been no other graphite project worldwide that has received a similar type grant to date from the DFC. We appreciate and we value this support and we will do everything we can to build their trust within this relationship, to ensure we deliver a high quality project together.’
For its part, the Ugandan government has been courting international miners by positioning the country as a key supplier of minerals for sustainable energy production.
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