PERTH (miningweekly.com) – The share price of ASX-listed Bass Metals jumped on Wednesday after the company announced its move into graphite production.
Bass has completed the recommissioning of the newly refurbished process plant at the Graphmada large flake graphite project, in Madagascar, and is moving the project into the commercial ramp-up phase.
“The company is pleased to deliver the first stage of its long-stated strategy of refurbishing and expanding production at Graphmada, with the aim of establishing positive cash flow for the company,” said CEO Tim McManus.
He noted that with Stage 1 completed, the company would look to expand production from 6 000 t/y to the Stage 2 target of 20 000 t/y, while also aggressively drilling the Millie’s Reward lithium project in the second half of 2018.
“We now look to Stage 2, the expansion to 20 000 t/y and Stage 3, the production of expandable graphite, for which our graphite concentrates are highly suitable,” said McManus.
Bass shares were trading at a high of 3.5c on Wednesday, up from a low of 3.1c a share.