First Capital Bank plc (FCB) has signed up to $8.5 million in financing for Lotus Resources Limited, supporting the restart of uranium production at Kayelekera in Karonga, Malawi. This move aligns with Malawi’s Agriculture, Tourism, and Mining (ATM) strategy, aimed at diversifying the economy.
FCB’s Head of Corporate and Institutional Banking, Nagesh Shrivastava, emphasized the bank’s commitment to the mining sector, highlighting Kayelekera’s historical contribution to Malawi’s GDP and its potential role in economic growth.
Lotus CEO Greg Bittar noted that the financing will provide working capital liquidity and funding flexibility as the company accelerates its restart program. With first production expected in Q3 2025, Lotus has already secured 1.5 million pounds of uranium offtake agreements with Curzon Uranium and PSEG Nuclear LLC and is in talks with North American power utilities for further contracts.
With over 200 personnel on-site and key equipment ordered, the project is progressing rapidly, reinforcing Kayelekera’s position as a key asset in Malawi’s mining sector.
