Kalagadi Receives $480m Funding for South African Manganese Project
Kalagadi Manganese has received R3.5bn ($480m) fund from partner Industrial Development Corporation (IDC) for the on-going construction operations of new manganese mining project in South Africa.
Kalahari Resources holds a 80% stake in the Kalagadi Manganese Company, while IDC holds the remaining 20% interest.
The R11bn ($1.5bn) project includes construction of an integrated operation encompassing mining, ore processing sinter plant in the Northern Cape province and a smelter in the Coega Industrial Development zone in the Eastern Cape, according to Business Report.
Kalagadi Manganese project director Thulo Malumise said the project was on schedule, and the production of its first sintered product was expected in July 2012.