Tanzania: WB's U.S.$5 Million to Boost Local Mining Firm Capital

African Eagle Resources, a nickel mining exploration firm with operations in Tanzania, has confirmed that the World Bank's investment arm, the IFC, has signed an agreement to invest $5 million into the company.

This investment sees the IFC take a 10 per cent stake in the company, according to a statement released at the weekend.The funds will help African Eagle evaluate the Dutwa Nickel project, primarily contributing to the bankable feasibility study. The pivotal study is already underway and is scheduled for completion by the end of the year.

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