Africa-focused mining company Armadale Capital Plc (LON: ACP ) has published its final results for the year ended 31 December 2017, stressing rapid advancement of the high-grade Mahenge Liandu Graphite Project in south-east Tanzania, ahead of an anticipated decision to mine in early 2019.
Nick Johansen, Director of Armadale said: “2017 saw Armadale accelerate work at Mahenge Liandu as we approach our target of making a decision to mine early next year. Exploration and definition drill programmes, metallurgical test work, feasibility studies, permitting activities and commercial marketing are all being conducted concurrently to ensure we meet this ambitious target and start delivering returns for our shareholders.”
“[Thanks to] the exceptional quality, with concentrate purity of up to 99.1% Total Graphitic Carbon (TGC) produced using low-cost processing methods, and desirable flake size distribution and graphite expandability attributed to the material from Mahenge Liandu, we are enthusiastic about beginning the formal marketing process of our product within markets including the high growth battery industry,” Johansen explained.
” It is with this in mind, together with a project which has consistently demonstrated its considerable economic and strategic value, that I look forward to providing investors with additional news over the coming months as we gear up to making a formal decision to mine in Q1 2019,” Johansen concluded.
Tanzania’s largest graphite deposits are located in the central and east southern regions of the country.
At the end of 2015, The Tanzanian Ministry of Energy and Minerals (MEM) announced that Tanzania will soon become one of the largest producers of graphite in the world, due to recent and abundant discoveries of graphite fields across the country.