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...

Published

December 11, 2014

13:12 GMT

London