JOHANNESBURG (miningweekly.com) – A new graphite-focused company with assets in Tanzania will make its debut on the Australian bourse next month.
IMX Resources announced on Tuesday that its spin-off, Graphex Mining, will start trading on the ASX on June 14.
Graphex raised A$7-million through an initial public offering, with IMX MD Phil Hoskins reporting last week that there was strong demand for the offer, which was oversubscribed.
Graphex’s main asset is the Chilalo project, within the Mozambique belt, where at least two other ASX-listed companies, Syrah Resources and Magnis Resources, also own deposits. A prefeasibility study estimated that the project would produce an average of 69 000 t/y of graphite concentrate, over a ten-year mine life, and would require capital of $74-million to build.