Volt buys Ukraine graphite mine
PERTH (miningweekly.com) – ASX-listed Volt Resources has pulled the trigger on the acquisition of a 70% interest in the Zavalievsky graphite business, in the Ukraine, following a positive due diligence.
The company last month inked share purchase agreements (SPAs) with the existing shareholders of ZG Group to acquire a 70% interest in each of the companies comprising the group, including Zavalievsky Graphite, Stone Found and Graphite Invest.
The ZG Group holds a 79% interest in 636 ha of land on which a graphite mine, processing plant and other facilities are located. The group currently has plans to install a processing plant and equipment to start producing spheronised purified graphite for the anode market within the next 12 months.
Under the SPAs, Volt would acquire the 70% interest in the ZG Group for an aggregate purchase price of $7.6-million, which will be payable in two installments of $3.8-million each, with the first payment due at the completion of the transaction and the second six months thereafter.
Volt told shareholders on Friday that the acquisition of a controlling interest in the ZG Group would immediately transform the company into one of the few ASX-listed graphite producers.
The acquisition holds a number of advantages, including its close proximity to Eastern European markets, plans to produce battery anode material by using existing graphite production to become a fully integrated supplier, ZG Group’s range of graphite products and its high value ‘green’ purified 99.5% total graphitic carbon product.
Volt said on Friday that it was reviewing a number of debt proposals to fund the first $3.8-million installment of the purchase price, with is due on completion of the transaction, with the second installment due six months later.
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