JOHANNESBURG (miningweekly.com) – ASX-listed Bass Metals has paid London-listed graphite producer StratMin Global Resources A$300 000 in two separate instalments as part of the Australia-based company’s £2-million earn-in agreement to acquire a 25% stake in StratMin’s Graphmada Mauritius subsidiary.
StratMin noted in a statement on Wednesday that it expected the first instalment to reflect in its account by Thursday, with the second to be received by the end of the week.
This after the completion date for the acquisition had been extended to October 21 to accommodate interest from Bass’s key offshore investors.
“We have been working very closely with Bass on the transaction and they have generated significant investment interest in the development of Graphmada.
“They have advised that there is a brief delay in the funding programme, but we expect to proceed with the transaction in short order and will provide detailed disclosure as soon as possible. In the interim, we continue with production and sales,” commented StratMin CEO Brett Boynton.
StratMin owned the Loharano graphite mine, in Madagascar, through its Graphmada Mauritius subsidiary. The company was working towards expanding production capacity to 6 000 t/y of processed flake graphite.