Battery Minerals to Set Up JV for Graphite Processing in Mozambique

The company has signed a memorandum of understanding to form a joint venture to develop a graphite purification facility in Mozambique.

Perth-based Battery Minerals (ASX:BAT) is looking to join forces with US company Urbix for graphite processing in Mozambique.

The companies signed a memorandum of understanding to form a joint venture to develop a graphite purification facility in the African country.

The plant would source graphite concentrate from Battery Minerals’ Montepuez project as well as potentially toll-treat graphite from other mines in Mozambique.

Battery Minerals Managing Director Jeremy Sinclair remains confident that demand for graphite will soar as the take-up of lithium-ion batteries gains speed.

“The proposed processing joint venture with Urbix is aimed at ensuring we are well positioned to capitalize on the demand for not only graphite concentrate but also the higher-margin processed product, which is essential to the battery manufacturers,” he said.

Sinclair added that, at the same time, the company believes there is excellent potential to reduce the cost of developing Montepuez through a partnership approach with contractors.

Battery Minerals is assessing options to reduce the funding requirement for the 86 year mine by US$6 million by using contractors to operate the asset.

“The strong outlook for the project is also reflected in the fact that some contractors have expressed an interest in being part of the project funding package,” he said.

Looking ahead, Battery Minerals and Urbix, which specializes in refinement and purification of natural graphite, will put all their effort into completing the feasibility work needed for the proposed facility.

The graphite developer is expecting to start graphite flake production from Montepuez at a rate of 50,000 tonnes per year at an average flake concentrate grade of 96 percent total graphitic carbon. Stage 2 would see production grow to 100,000 tonnes per year.

Aside from Montepuez, Battery Minerals owns the Balama Central project also in Mozambique, which is expected to have a Stage 1 production rate of 58,000 tonnes per year, increasing to 110,000 tonnes per year in Stage 2.

Shares of Battery Minerals closed up 12.5 percent on October 10 at AU$0.0090.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration (LSE:RIO) (“RTX”) (“Rio Tinto”) and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project ( see Calibre news release dated February 24, 2020 ). The Borosi exploration program is being directed by RTX through a partnership agreement with Calibre as project operator.


Keep reading... Show less

FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

Keep reading... Show less

Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Keep reading... Show less

Top News

Related News