Kibaran to progress Epanko project with $10.9m capital raise
JOHANNESBURG (miningweekly.com) – ASX-listed Kibaran Resources will start key development preparations and initiate expansion studies for its Epanko graphite project in Tanzania, after raising $10.9-million through a share placement.
The placement was completed at 23c apiece, representing a 14.8% discount to Kibaran’s last trading price. It was significantly oversubscribed and will result in several major institutional investors becoming shareholders in the company.
The proceeds will be used to fund predevelopment activities at Epanko, while enabling Kibaran to undertake studies on increasing Epanko’s planned production from 40 000 t/y of graphite concentrate to 60 000 t/y and to conduct a feasibility study on downstream processing options, including the production of battery-grade graphite for sale to the lithium battery industry and other value-add products.
Kibaran, earlier this month, signed a binding exclusivity agreement with Japanese commodities trading giant Sojitz for the supply of graphite concentrate produced at Epanko. Under the agreement, Kibaran will be the sole supplier of Tanzanian graphite to Sojitz for distribution into markets including Japan, Korea and Taiwan. Sojitz is a major supplier of raw material and products to the rapidly growing lithium battery industry. The initial term of the agreement is five years.
The agreement provides the framework for sales of a minimum of 14 000 t/y of natural flake graphite products, with the company already in binding agreements for 30 000 t, including 20 000 t with German industrial giant ThyssenKrupp.
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