6th Sep 2013 09:07
LONDON (Alliance News) - StratMin Global Resources PLC Friday said it is in advanced talks to sell the graphite it produces, while it has received offers for sources of funding so it can carry out upgrades and break-even on its cash flows.
StratMin said it is in advanced talks to sell its 70% carbon graphite produce, but it said that it will be unable to meet 90% carbon content production this September, failing to meet its previous expectations. It said this is because of upgrades to the plant. The results of a test on the Lohorano Mine in South Africa showed good results, with high carbon content graphite.
StratMin is seeking funding in order to carry out plant upgrades and break-even on its cash flows, with a number of offers under consideration, according to the company.
"We have a surface deposit with jumbo flake graphite ready for initial production, are in advanced commercial negotiations with purchasers and have identified a clear roadmap to generate further improvements in carbon content and recovery. I look forward to updating the market in due course as we further develop our plant and resources," Manoli Yannaghas, managing director, said in a statement.
StratMin shares were Friday quoted at 15.51 pence, down 2.74 pence, or 15%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Stratmin Global Resources