JOHANNESBURG (miningweekly.com) – Graphite producer StratMin Global Resources has raised £625 000 through the placing of 15.6-million new ordinary shares at 4p each.
This followed the signing of a binding strategic partnership and joint venture agreement with Tirupati Carbons & Chemicals Group, an India-based graphite mining and processing group, with operations in India and Madagascar.
"We are very excited with the progress being made at our new project area. This placement will enable us to accelerate the bankable feasibility studies (BFSs) for a new mine and plant with a target 12 000 t/y flake graphite output.
“We have a team active on the ground drawing expertise from our in-house geology team, our in-country exploration consultants Vato Consulting and the highly experienced technical team from our collaboration partners, Tirupati. Leveraging all the knowledge from our existing deposit at Loharano, they are rapidly progressing [the] Mahefedok [project], in Madagascar, to development stage,” CEO Brett Boynton commented.
The net proceeds of the placing would be used to further BFSs at the company's Mahefedok project and for general working capital purposes.