Lemur Holdings, a subsidiary of UK-listed Bushveld Minerals, has raised $1m from the Development Bank of Southern Africa which will be used to develop the Imaloto coal to power project in Madagascar, the company said this week.
“We believe that the funding will help us finalise our objective of achieving financial close and providing reliable base load power to southern Madagascar,” said Prince Nyati, CEO of Lemur Holdings in a statement.
Lemur Holdings is a wholly owned subsidiary of Bushveld Minerals and is the company’s coal and power platform. The Imaloto Project is located in the southwest of Madagascar and consists of a 136 million tonne coal resource (90 per cent of which is of JORC compliant Measured and Indicated). The Project also includes an initial 60MW mine mouth coal power plant as well as over 200km of new transmission lines, developed in parallel as one of Madagascar’s leading independent power producers.
Bushveld Minerals Limited (LON:BMN), together with its subsidiaries, engages in the exploration and development of mineral projects in South Africa. It operates through three segments: Vanadium and Iron Ore, Coal Exploration, and Vanadium Mining and Production.