Bass Metals to move forward with Madagascar graphite buy
JOHANNESBURG (miningweekly.com) – Australia’s Bass Metals said on Thursday that it would move ahead with the acquisition of a large flake graphite mine in Madagascar.
Announcing the completion of a due diligence, chairperson Rick Anthon said that the acquisition of the operating Graphmada mine from Aim-listed StratMin Global Resources would set Bass apart from its peers as the only ASX-listed graphite mining company delivering cash flow.
A due diligence and site visit to Graphmada confirmed that the mine had potential for low capital expenditure and low cost production.
“The company is now seeking to add an experienced CEO and management team to lead the business and implement Bass’s low capital expansion plans,” Anthon said.
Currently, only one of four known deposits at Graphmada was being mined, with a second deposit undergoing trial mining.
The Graphmada mine has offtake agreements in place and a solid customer base. Production from the mine totalled 1 500 t in 2015, with a high proportion being large flake graphite with a 94% purity.
The transaction with StratMin, announced on April 1, was expected to be completed in late July.
Bass, which already owned 6.25% of Graphmada, would acquire the remaining 93.75% of the mine for A$15.25-million in staged cash, equity and royalty considerations.
Graphmada was StratMin’s only significant asset, the company was required to gain shareholder approval.
StatMin was also required to acquire another asset or relist on the exchange as an investing company.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation