ASX-listed American Pacific Borates has accelerated construction activities at its Fort Cady borate mine, in the US.
This follows the June 1 announcement of A$77-million raised to fully finance Phase 1A of the mine.
In addition to the acceleration of construction activities, the company also reported positive exchange rate movements which have increased its budgeted US dollars. In this regard, discussions are progressing with respect to a potential dual listing on the NYSE.
According to CEO Michael Schlumpberger, with Phase 1A now fully financed, the company’s focus is on accelerating substantive construction activities, with the first priority being essential site infrastructure necessary for the broader construction of the Fort Cady borate mine.
American Pacific Borate is targeting initial production in the second half of 2021, and the earlier-than-anticipated start of construction activities should ensure that this is the case.