Battery Minerals hopeful of final funds for Montepuez
10th August 2018
Resources Rising Stars
Battery Minerals boss David Flanagan says the company has seven groups interested in completing the balance of funding for its $US51.2 million ($69 million) Montepuez graphite project in Mozambique (reports The West Australian).
Shares in the company tumbled in June when Resource Capital Funds pulled a $US30 million debt and equity funding agreement, forcing a delay in the development of the project.
But Mr Flanagan told the Diggers and Dealers mining forum yesterday that the company was getting its financing plans back on track for Montepuez.
He said the company was targeting first exports 12 months from finance completion.
Natural graphite demand is expected to increase from 1mt in 2017 to about 2.25mt in 2023 according to CRU.
Montepuez is expected to produce 45,000-50,000t of 96-97 per cent graphite concentrate for a minelife of 10-plus years.
“We want high recovery, we want high purity and we want to maximise flake size,” Mr Flanagan said.
The company already has four offtake agreements in place covering product from Monetpuez.
The project has an indicated and inferred resource of 115.6mt at 7.51 per cent total graphitic content at a 2.5 per cent cut-off.
Mr Flanagan said the company was expected to complete the feasibility study for its second graphite mine, the 50,000tpa Balama project also in Mozambique, before the end of the year.
Image: The West Australian
© 2018 Resources Rising Stars All Rights Reserved