Battery Minerals, a Western Australian graphite exploration company, has received a significant round of funding in order to fully develop its two flagship graphite projects in Mozambique.
In a statement, the company announced that it has received $20mn in funding which now places it in a position of full funding to enter the next phase of growth.
This phase will include a significant drilling programme at Montepuez, with the company expecting the results of which to arrive over the coming weeks, as well as accelerating the current feasibility study underway at its Balama Graphite project.
Battery Minerals Executive Chairman David Flanagan said: “This capital raising is a key milestone in the Company’s strategy to become a graphite supplier to the lithium battery industry. The overwhelming support we have received from investors around the world reflects the quality of our project and its outstanding potential to tap into the lithium battery market.
“We have received a huge response to our strategy to develop a project with low capital costs, limited funding requirements and a short lead-time to production. This approach will enable us to maximise financial returns and minimise risks and time delays, enabling us to capitalise on the huge opportunity unfolding in the energy sector as quickly and efficiently as possible.”
Battery Minerals has two major projects, Montepuez Central and Balama Central, both in Mozambique.
The Montepuez Graphite Project is a proposed mining operation in Mozambique which is approaching production stage
A DFS revealed that over a life of mine of 30 years, the project could produce 100,000 tonnes of graphite per year.
Battery Minerals is working to fast-track the completion of a DFS Balama Central, where a recent Concept Study highlighted its high grade nature and strong fundamentals, which suggest its potential to, in time, become a world-leading graphite mine. Given the promise shown by Balama, the Company will complete the Balama DFS in mid-2018