The
Australian company Metals of Africa on Monday announced that has raised just
under seven million US dollars through a share placement to fund the
development of its graphite projects in the northern Mozambican province of
Cabo Delgado.In a statement, the company said that the shares were priced at an
8.2 per cent discount on the last closing share price. The funds will be used,
among other things, for a feasibility study, early earthworks and mining camp
construction, and pilot plant test work.
According
to the company’s managing director, Cherie Leeden, “this was a very heavily
oversubscribed raising, which was strongly supported by existing shareholders.
The high level of demand for the placement is a big tick for the work we’ve
done to date at our graphite assets in Mozambique”.
She
added, “the potential of the battery minerals industry is enormous and graphite
is a key ingredient in all lithium-ion batteries, arguably the most important
battery of our time. We are advancing high-quality projects in the best
graphite province in the world”.Leeden also announced that the feasibility
study at the Montepuez project will be completed in December.The Montepuez
project contains an estimated 6.3 million tonnes of graphite and 163,000 tonnes
of vanadium oxide. In addition, the nearby Balama project holds an estimated
1.7 million tonnes of graphite and 34,000 tonnes of vanadium oxide.Graphite is
a form of carbon that is highly valued due to its properties as a conductor of
electricity. It is used in batteries and fuel cells and is the basis for the
“miracle material” graphene, which is the strongest material ever measured,
with vast potential for use in the electronics industries.
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