Key construction milestones achieved at $51 million Montepuez project: Battery Minerals Ltd.’s (ASX: BAT) stock rose initially by about 3.45% on September 28, 2018 after the company met the key construction milestones at $51 million Montepuez graphite project in Mozambique. BAT, formerly known as Metals of Africa Limited, is engaged in the exploration of mineral properties in East Africa.
The company’s main operation is into exploration of graphite deposits at Balama Central, at Montepuez Central and Kroussou lead-zinc project. It has undertaken on-ground exploration program at Kroussou lead-zinc project and is engaged in production of Graphene Oxide and Graphene from raw graphite at its Montepuez project. The Montepuez graphite project in Mozambique has been advanced with Battery Minerals having set up a permanent accommodation camp for about 100 persons along with a tailings’ storage facility. BAT is also planning to take charge for setting up the water treatment facility along with an electrical fit out and a sewage system. This has been scheduled for November 2018. Further, Origin Capital has been chosen as financial adviser to manage the group’s funding strategy. Origin Capital will thus look for potential debt providers for BAT’s flagship project.
The funding process will now require a due diligence on Montepuez project. Particularly, site visits and technical assessments will be planned by the group for taking this ahead. The company wants to start with their production, as the demand and price growth continues to be strong. Graphite demand is expected to rise by approximately 200 percent by 2020. The company plans to produce 50,000 tonnes of graphite a year initially. With the ramp up at Montepuez, over 100,000 tonnes per year have been slated by the group to be the production by year 2020. Additionally, Origin Capital is now in the process of getting expressions of interest from potential debt providers for the group. After the finalization of a short list, Origin will assess the proposals, and will lead financing discussions on behalf of the company. Meanwhile, BAT stock has fallen 6.45% in three months as on September 27, 2018.
BAT closed flat with no share price change on September 28, 2018; and has a market capitalisation of about $ 32.3 million.
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