https://www.miningweekly.com

Magnis raises cash for Tanzanian graphite

6th March 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed junior Magnis Resources has raised A$6.5-million through a share placement to sophisticated and institutional investors to advance its Nachu graphite project, in Tanzania.

Magnis placed 26-million shares, at 25c each, to raise the funding.

“We are encouraged by the strong interest shown in our capital raising from both local and overseas investors. The board and management team are focused on bringing Nachu into production in the second half of 2016; we are currently working closely with our partners to achieve this goal,” said Magnis chairperson Frank Poullas.

In December, Magnis signed an 80 000 t/y binding agreement with vertically integrated Sinoma for graphite offtake from the Tanzania operation, which was followed by a 100 000 t/y agreement in place with China-based Sinosteel in January.

In March, Magnis executed a memorandum of understanding with Sinoma for the financing, design and construction of the Nachu graphite project.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.041 0.906s - 110pq - 2rq
Subscribe Now