All USD 5 Million in Funding for Uganda Graphite Project Received

en.Wedoany.com Reported - On October 20, UK mining company Blencowe Resources announced that its Orom-Cross graphite project in Uganda has received the final USD 250,000 technical assistance grant from the U.S. International Development Finance Corporation, bringing the cumulative USD 5 million in funding fully received. The disbursement was conditional upon completion of the project's definitive feasibility study and related technical review, and the funds were provided as a grant that does not dilute existing shareholders' equity. The company is currently advancing financing for Phase 1 development of the project and conducting preliminary research on the financing structure for Phase 2.

The definitive feasibility study corresponding to this disbursement has completed an independent technical review. The study covered mining area drilling, updates to mineral resources and ore reserves, project economic evaluation, and graphite product testing. According to the study results disclosed by the company, the Orom-Cross project has an after-tax net present value of USD 1.254 billion at a 10% discount rate, with an internal rate of return of 51%.

The U.S. International Development Finance Corporation's technical assistance program was launched in 2023. Blencowe Resources received a milestone disbursement of USD 750,000 in July 2025, bringing the cumulative amount received to USD 4.75 million, with the remaining funds to be paid upon completion of the definitive feasibility study and related reviews. With the receipt of this final payment, the technical assistance program has been fully disbursed.

Blencowe Resources is also collaborating with U.S. energy technology company AETC, Alkeemia, and other partners on graphite deep-processing technology testing, involving battery materials, advanced energy storage, and aerospace applications. The company is advancing the financing required for Phase 1 development while continuing to study the funding arrangements for the Phase 2 project.