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|| Chinese firm Yantai Jinpeng invetsed $1 million in Australian firm

china-mining-auYantai Jinpeng Mining, a privately owned Chinese engineering firm, has acquired stake in Walkabout Resources, an energy minerals developer based in Western Australia for $1 million.

Walkabout Resources is an African focused energy minerals developer and is listed on the Australia Securities Exchange. Its flagship project is the Lindi Jumbo Graphite Project located in south east Tanzania. It also has the largest thermal coal asset in central south Botswana. (With more than 20 years of experience, 350 employees and annual turnover of $60 million, Yantai Jinpeng Mining products are exported to more than 20 countries).

To see a list of investors from China similar to Yantai Jinpeng Mining, check the Chinese Investors Directory

More details follows:

Leading privately owned Chinese engineering firm Jinpeng Mining and Machinery Co. Ltd. (Jinpeng) has invested US$1M in Walkabout Resources Ltd (ASX:WKT) via a placement authorised by the Board.

Jinpeng will now become WKT's largest shareholder with a holding of 10.6% and has not ruled out further investment to support the Company in developing the Lindi Jumbo Graphite Project in south eastern Tanzania.

The new capital is being raised under WKT's 15 per cent placement capacity within ASX Listing Rule 7. Seventeen million two hundred and eighty two thousand seven hundred and forty two (17,282,742) shares will be issued to Jinpeng at a 10 per cent discount to the five day VWAP prior to the receipt of the first of two tranches of funds. Half of the funds have been received with the balance to be paid within 30 days.

"The introduction of an EPC Partner as a cornerstone investor is significant for three reasons. Firstly, it is an endorsement of the high quality of our Lindi Jumbo large flake graphite, secondly it aligns with our fast-track modular contracting and development strategy and thirdly Jinpeng are impressed with the depth, experience and capability of our leadership team," said Walkabout Executive Chairman Trevor Benson.

The funds will be used to progress engineering and procurement works. Equipment and works to the value of between US$6m - US$8m will be commissioned while WKT secures further project funding. Importantly, the cornerstone investment allows the Project schedule to be fast-tracked while longer term funding packages are being negotiated and secured.

"We have established a collaborative team approach with Jinpeng while working together on a full-time basis and are delighted to welcome them as a cornerstone investor and continue our strategic relationship," Mr Benson added.

Within the 15% placement capacity there remains 4,599,023 shares available for placement at the same issue price of A$0.0711 per share. The Company will place these shares with qualify Sophisticated Investors as required by Section 708 of the Corporations Act. Placements must be finalised by 5p.m. (WST) Tuesday 26th September 2017.

Yantai Jinpeng Mining Machinery Co., Ltd. is a high-tech enterprise integrating R&D, production sales and service. It is located at the Yantai Development Zone, China and has more than 350 employees.

The Company consists of a mineral separation research institute, a mine design institute, a mining machinery factory, a mining development company, a metallurgy design company, an automation research institute and an installation company. The Company has more than 20 years of experience in mine design and R&D of mining equipment, and provides one-stop service including mineral processing experiment, engineering design, equipment manufacture, installation and debugging, personnel training and production for mines with a daily production capacity of up to 10,000t. Annual turnover is RMB 400m.

Company products are exported to more than 20 countries including Germany, Russia, Kazakhstan, Kyrgyzstan, Mongolia, Vietnam, Cambodia, Ghana, Guyana, Nigeria, Malaysia, the Philippines, Indonesia, Bolivia, Chile, Burma, Sudan, South Africa, Tanzania and Zimbabwe.

Walkabout is fast tracking the development of the Lindi Jumbo Project to take advantage of forecast market conditions for Flake Graphite deposits with high ratios of Large and Jumbo flakes. The Company has developed a proprietary processing technique based on an existing and proven flow-sheet used elsewhere in Africa and which yields exceptionally high ratios of Large (+180μm), Jumbo (+300μm) and Super Jumbo (+500μm) flakes into concentrate.

The Company currently holds 70% of four licences at Lindi Jumbo with an option to acquire the remaining 30% share.

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