Australian mining firm Lotus Resources has secured $38.5 million in funding from South African banks First Capital Bank and Standard Bank to advance the Kayelekera Uranium Project in Malawi.
The financing package includes $18.5 million in equipment funding to procure mining machinery such as cranes and vehicles. A $20 million working capital facility from Standard Bank will support operations until the project begins generating revenue, according to Lotus Resources.
“With the restart capital fully funded to first production by our recently completed A$130m ($80.88 million), two-tranche equity placement, these finance facilities provide Lotus with working capital liquidity and funding flexibility as we rapidly progress our accelerated restart program at the Kayelekera uranium mine,” stated Lotus Resources Managing Director Greg Bittar.
First uranium production at Kayelekera is scheduled for Q3 2025.
