Banking due diligence passes for Kazera Namibian investment

Investment company Kazera Global said on Wednesday that the banking due diligence on the €9.13m (£7.93m) investment package for the Namibian investment had successfully completed.

The AIM-traded firm said it was now waiting for the transfer of funds, at which point it would make a further announcement.

In anticipation of completion of the investment package, the company said it had focused on making the site functionally ready for operational activity to resume.

As part of that process, independent contractor DJ Drilling had started preparing road access ahead of the mine again becoming fully operational.

“In anticipation of completion of the investment package, we have been working tirelessly at the mine to make sure that it is functionally ready to restart operations as soon as funds are received,” said chief executive officer Larry Johnson.

“The due diligence process has been a necessary, but lengthy and very detailed process, and we are delighted that it has now been successfully concluded.

“We now look forward to completion of the deal and the receipt of funds, with which we can unlock the value we have from our world-class tantalite mine, as well as accelerating developments in our diamond and HMS operations.”

At 1122 BST, shares in Kazera Global were up 2.67% at 2p.