Thursday, November 17, 2016

Capital for Montepuez graphite

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.
Resultado de imagem para montepuezAccording 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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