Blencowe receives expression of interest from AFC
Blencowe Resources () has received a formal expression of interest from the African Finance Corporation, a leading multilateral finance institution, regarding potential participation in both debt and project level equity funding for the Orom-Cross graphite project in Uganda.
The expression of interest follows extensive engagement between Blencowe and the AFC over the past few years and represents a key step to securing the AFC as a co-funding solution partner for Orom-Cross.
The AFC has conducted due diligence on the Orom-Cross graphite project and recognises its high-purity product, low-cost structure, and strategic positioning as a key supplier of non-China graphite into the global battery and industrial markets.
The AFC is one of Africa's most established and well-capitalised development finance institutions, boasting $12.3 billion in assets and a Moody's A3/P-2 credit rating. The AFC has a strong track record in funding major African mining developments, including providing US$175 million for the development of FG Gold’s Baomahun project in Sierra Leone and US$86 million for Thor Exploration's Segilola project in Nigeria.
The AFC's Expression of Interest includes potential funding participation in the initial start-up phase of Orom-Cross development, targeted for 2026. As part of this initial investment, AFC has also indicated an interest in securing future funding rights for subsequent project expansions, aligning with Orom-Cross's long-term growth strategy.
"Securing this Expression of Interest from the African Finance Corporation is a material milestone for Blencowe,” said Blencowe’s executive chairman Cameron Pearce.
“AFC is one of Africa's most respected financial institutions and its interest in Phase 1 funding, alongside future development phases, reinforces Orom-Cross's long-term strategic importance. Institutional investors are increasingly recognising graphite's critical role of in the global battery supply chain.”
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The AFC's interest represents a major step forward in securing project financing for Orom-Cross, and complements the existing US$5 million Technical Assistance Grant provided by the US International Development Finance Corporation in 2023. DFC remains supportive of Blencowe and retains the first right to provide cornerstone debt funding for Orom-Cross.
With both AFC and DFC now involved, Blencowe is positioning Orom-Cross with a strong institutional funding pathway that could cover all debt and project equity financing following completion of the definitive feasibility study.
The plan is for phase one production to get underway in 2026.
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