Vedanta says it has arranged $250 million to settle Zambian copper mine debts
Vedanta will still need to raise an additional $1 billion revive the mining operations at KCM.
Privately held Trinity Metals has secured $3.86 million in technical assistance grant funding from the US International Development Finance Corporation (DFC), America’s development finance institution.
Trinity Metals was formed in May 2022 from the merger of shareholders in three entities, including Africa’s largest tungsten mine (Nyakabingo), Rwanda’s largest tin mine (Rutongo), as well as the country’s second-largest tin mine (Musha).
Strong government and community support coupled with over $30 million in shareholder investment has led to a quadrupling in production in just two years, Trinity said.
The new funding has been earmarked for ESG specific projects underway across Trinity’s mining operations in Rwanda, including baseline studies to support updated environmental and social impact assessments; a holistic employee skills development program; the implementation of an international standard safety, health, environment and community management system; integrated development planning for all mining concessions; and legacy tailings and river rehabilitation planning.
“As Rwanda’s largest producer of conflict free and child labour free critical minerals, it is a distinct honour to be recognized by the US DFC with this Technical Assistance grant,” Trinity chairman Shawn McCormick said in a news release.
“The funding and American partnership will significantly expand our ability to operate at global industry standards as we work with Rwanda to bring its abundant resources to international markets in a safe and responsible manner,” McCormick said.
Comments