Standard Chartered, through its specialist mining corporate finance division, will assist Baobab to determine and execute its corporate opportunities with relation to the Tete Project. As part of the mandate, Standard Chartered will assess a range of strategic corporate opportunities and financing alternatives to support the successful development of the Tete project.
Commenting today, Ben James, Baobab’s Managing Director, said: “Baobab welcomes the engagement of Standard Chartered. The Company recognises that, to ensure project success and thereby maximise shareholder value, the development and implementation of a corporate road-map is of parallel importance to the project’s technical development. Standard Chartered’s substantial footprint in emerging markets and successful track record working alongside companies with large scale assets, such as Baobab, makes it an excellent fit for the Tete Project as it matures into a one of the most exciting development stories in southern Africa.”
Christian Wiklund, Managing Director and Regional Co-head, Mergers & Acquisitions Africa, in Standard Chartered, commented: “Standard Chartered is delighted to be working with Baobab on this exciting project in a region which we believe has enormous potential. Following the successful completion of Baobab’s PFS, we look forward to assisting the Company in achieving the next milestones in the development of a producing operation.”
ABOUT STANDARD CHARTERED BANK
Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India.
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About Baobab Resources plc
Baobab Resources plc (LON:BAO) is a Mozambican-focused explorer with a large landholding in the central north of the country. The company's flagship project is the Tete iron ore deposit.
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Baobab Resources Plc (LON:BAO) Measured Resources Underpin a Minimum of 20 Years of Operation at 39% Fe Head Grade
Baobab Resources Plc (LON:BAO) Initial Drill Results Point Toward Higher Head Grades and Lower Operating Costs