South Africa’s IDC begins due diligence work for Qala Shallows project funding

South African development finance institution the Industrial Development Corporation (IDC) has begun work to complete its due diligence investigation as part of its proposed R300-million (about $15.8-million) debt facility to fund development capital for ASX-listed West Wits Mining’s Qala Shallows project, the flagship project of the Witwatersrand Basin project (WBP), in Johannesburg. “The commencement of work by the IDC team to complete the due diligence represents a significant milestone towards finalisation of funding for Qala Shallows. Not only does it move the IDC closer to providing final terms, but it will also provide comfort and validation for other potential funders who invariably respect and take heed of the IDC’s process.