Baobab secures $700,000 funding for Mozambique iron ore projects

UK-listed iron ore junior Baobab Resources has secured $700,000 in funding, from African Mineral Exploration and Development Fund subsidiary Topaz, for the development of iron ore projects in Mozambique.

Under the terms of the agreement, up to $200,000 will be used to progress Baobab’s joint-venture Monte Muande direct shipping ore project, with the remaining $500,000 to be used to advance Baobab’s flagship Tete pig iron project, the miner said on Thursday December 11.

Topaz has the option to convert the...


December 11, 2014

13:12 GMT