Valence near to financing deal
PERTH (miningweekly.com) – Graphite miner Valence Industries on Tuesday told shareholders that the company was concluding negotiations to secure A$50-million in financing for the proposed expansion of its Uley graphite project, in South Australia, as the mine readied for its first shipment of ore.
A previously completed feasibility study estimated that the Phase 2 expansion of the Uley project would require a capital investment of about A$37-million, over a three-year period, to increase production from the current Phase 1 level of 14 000 t/y to 50 000 t/y.
The expansion of the Uley site would provide additional processing capacity in 25 000 t/y increments of graphite output, to reach 64 000 t/y, to effectively match market demand.
MD and CEO Christopher Darby said on Tuesday that the production ramp-up commissioning at the Uley project was progressing as planned, with export shipments expected to increase to the targeted rate of 14 000 t/y by the third quarter of this year.
The first stage of the expansion programme, which would more than double the production capacity to 39 000 t/y, was expected to be completed during 2016, along with the delivery of advanced materials handling and processing capacity in Adelaide.
Meanwhile, Valence also noted that the first shipment of Uley graphite was scheduled to leave Port Adelaide on Tuesday.
Some 20 t of flake graphite were trucked from Port Lincoln to Valence Industries’ Port Adelaide logistics handling facility in March this year, in preparation for export to customers in Asia Pacific.
The graphite was now being shipped to customers.
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