(Alliance News) - Kazera Global PLC on Wednesday said the due diligence on the investment package of EUR9.1 million from an unnamed "local" Namibian investor announced last month has been completed.
The AIM-listed investment company that focuses on the resources and energy sectors said it is now awaiting final confirmation of the transfer of funds.
In anticipation of the investment package completion, Kazera said it has been focused on making the Tantalite Valley mine site in Namibia functionally ready for operational activity to resume. It has contracted DJ Drilling to begin preparing road access for when the mine becomes fully operational.
"The due diligence process has been a necessary, but lengthy and very detailed process, and we are delighted that it has now been successfully concluded. We now look forward to completion of the deal and the receipt of funds, with which we can unlock the value we have from our world-class tantalite mine, as well as accelerating developments in our diamond and HMS operations," said Chief Executive Larry Johnson.
Kazera also owns the Alexander Bay diamond mine, as well as a heavy mineral sands project, both in South Africa
Shares in Kazera were up 6.4% at 2.08 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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Kazera Global (KZG)