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Battery Minerals Ltd.
Summary
| Project: | Montepuez | |
|---|---|---|
| Deposit: | Montepuez | |
| Location: | Mozambique | |
| Commodities: | Graphite | |
| Date: | 12/4/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 4-12-2018: Battery Minerals Ltd. announces a Resource Estimation report for its Montepuez deposit at the Montepuez project. Updated mineral reserve estimate at the project. Battery Minerals Limited (“the Company”; ASX: BAT) is pleased to announce a signif | |
| Resources: | (Reserve, Prob.): 42.19Mt @ 9.27% TGC | |
| CP/QP: | [Overall Report]: John Hudson (Snowden Mining Industry Consultants Pty Ltd.) | |
| ABSTRACT: | Battery Minerals Limited (“the Company”; ASX: BAT) is pleased to announce a significant increase in Ore Reserves at its Montepuez Graphite Project in Mozambique. The new Montepuez Ore Reserve is 42.2Mt at 9.3% TGC for 3.9Mt of graphite. This increased Ore Reserve compares with the 41.4Mt at 8.8% TGC for 3.6Mt of graphite reported in January 2017. Battery Minerals Managing Director David Flanagan said the increased Ore Reserve again demonstrated the financial and technical strengths of the Montepuez Graphite Project. “We have a long mine life and ample scope to increase production beyond stage one,” Mr Flanagan said. “The remaining capital cost to bring Montepuez into production is just US$39.5 million. We have the required environmental approvals, offtake agreements, a port allocation, a completed tailings dam wall and we have built a new mine village. This is a terrific project that is well advanced and on the way to cashflow. “Montepuez will generate EBITDA of US$30 million a year at current prices and that’s before taking into account any expansions. “And the independent forecaster, BMI, is predicting the graphite price will be more than US$100 a tonne higher than assumed in our earnings forecasts.” These updated Ore Reserve estimates form the basis of the Montepuez Graphite Project implementation mine plan outlined in this announcement. The updated Ore Reserve was estimated by independent consultants; Snowden Mining Industry Consultants Pty Ltd (Snowden). | |
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