StratMin offloads entire sub-94% graphite inventory
JOHANNESBURG (miningweekly.com) – Aim-listed StratMin – London's only listed graphite mining and production company – has sold, in collaboration with its new offtake and joint venture partner Tirupati Carbons & Chemicals Group, its entire inventory of sub-94% carbon-in-graphite (CIG) finished product.
This followed StatMin’s announcement in May that it had achieved the consistent production of graphite at a minimum grade of 94% CIG, which was considered an important milestone in moving the company towards profitability, as the pricing on 94% and above CIG product commanded a premium over sub-94% CIG product.
CEO Brett Boynton in a statement on Thursday described the clearance of the inventory as an “excellent” demonstration of the immediate commercial impact of its partnership with Tirupati.
“Their global market reach helped us quickly find a buyer for this material so we [could] move it out of the warehouse and release the working capital tied up. There is a market for every grade of graphite and we have an excellent offtake arrangement for all our high-grade production.
“The proven ability to efficiently move other grades of product complements this and gives us increased commercial confidence as we prepare to expand operations and total graphite production,” Boynton said.
Prior to establishing production at the 94% CIG grade, a stock of finished product at lower CIG grades was produced and accumulated in the warehouse.
Tirupati had since collaborated with StratMin's offtake partner and found buyers for the balance of this sub-94% CIG material.
“While [we] are now confident in [our] ability to produce at the 94% CIG grade, this sale demonstrates the company's enhanced marketing capability for varying CIG grades, thereby increasing potential profitability levels,” stated StratMin.
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