JOHANNESBURG (miningweekly.com) – Investment company Armadale Capital will increase its focus on further developing its Mahenge Liandu graphite project in south-east Tanzania, as it represent an “exciting new investment”.
Being a key element in the global battery market, the potential of the graphite prospect led to a successful £825 000 equity raising in June.
To date, electromagnetic surveys, together with geological mapping have indicated a substantial potential resource.
“If all goes to schedule, a Joint Ore Reserves Committee-compliant resource is possible in the near future, which can validate further development work and is a necessary precursor to production,” Armadale said in a statement on Thursday.
The Aim-listed company specialises in developing natural resources and infrastructure and owns about 80% in the Mpokoto gold project in the Democratic Republic of Congo, where it is targeting near-term gold production.
The board is also seeking to divest the company’s interest in Mine Restoration Investments, as well as some of its noncore investments.
“Nevertheless, our focus remains on identifying and investing in African resources projects in accordance with our stated investing policy,” the company added.
Armadale further reported a loss before tax of £279 000 for the six months ended June 30. This was an improvement from the £365 000 loss it reported in the prior comparable period.