West Wits Mining (ASX:WWI) has announced the Industrial Development Corporation of South Africa has issued a written expression of interest relating to the financing of Qala Shallows, part of the Witwatersrand Basin Project in Johannesburg.
The company said the proposed $US15.9M funding package aligns with customary conditions for loan facilities, showcasing the Corporation's confidence in Qala and the overall Project.
It also said collaboration between the parties aims to expedite the due diligence process and secure final approval of terms and conditions by the Corporation's Executive Credit Committee.
Qala Shallows is the first stage of the Witwatersrand Basin Project and focused on the development of the Kimberley Reef which is one of three packages that form part of West Wits' Mining Right area in the Basin.