Graphite mining and processing firm Whole Graphite has introduced that it has briefly suspended operations at its Vatomina mine, in Madagascar.
The corporate will now prioritise the completion of its optimisation work on the mine and focus its efforts on advancing the event of large-scale mining initiatives in Mozambique and downstream processing plans.
Whole Graphite highlights that an unbiased technical overview at Vatomina has recognized that operational and geological enhancements might be made, particularly in direction of drilling, mine planning, infrastructure upgrades and plant optimisation, with the corporate concentrating on a manufacturing restart of greater than 1 000 t a month from December, topic to drilling progress.
Additional, Whole Graphite has additionally referred to mining consultancy SRK Consulting’s Competent Individual’s Report, accomplished for the corporate in March, which estimated an exploration goal of 18-million to 20-million tonnes at Vatomina with a 4% graphitic content material, to enrich the prevailing useful resource base.
In the meantime, the corporate has additionally famous that, throughout its mining operations, it has an unrestricted money steadiness of $1.5-million as at July 16, with complete money of $3.8-million, together with a $2.3-million financial institution assure supporting its Mozambique mining initiatives.
Furthermore, Whole Graphite highlights that work on the definitive feasibility research (DFS) for its Montepuez undertaking, in Mozambique, is progressing for a deliberate first-phase operation with a manufacturing capability of fifty 000 t/y.
“The operational restart has offered invaluable sensible expertise and considerably improved our understanding of the geology, mining strategies and operational necessities at Vatomina. This has enabled the board to determine the work required to optimise the operation earlier than resuming manufacturing.
“Importantly, our strategic overview has resulted in constructive engagement with trade members, monetary establishments and potential strategic companions. This reinforces our perception that Whole Graphite possesses a portfolio of graphite property able to supporting a wider built-in enterprise over time.
“Whereas finishing the optimisation of Vatomina stays our fast operational precedence, our ambition extends effectively past Madagascar. The event of our large-scale Mozambique initiatives, along with our downstream processing technique and potential strategic partnerships, has the potential to help the corporate’s long-term technique of turning into a bigger and extra diversified graphite enterprise,” Whole Graphite chairperson Christian Dennis feedback.
The Whole Graphite board has concluded that getting extra geological info via a focused drilling programme at Vatomina and updating the mine plan, along with updating the Montepuez DFS, signify the best use of capital at this stage of the corporate’s growth.
The corporate additionally notes that its optimisation programme has supported constructive engagement with monetary establishments and potential strategic companions targeted on essential minerals, together with offtake-linked commerce financing, because it continues to judge funding and partnership alternatives throughout its portfolio.
