3rd Aug 2015 12:31
LONDON (Alliance News) - StratMin Global Resources PLC on Monday said it has completed the second stage of the production optimisation project at the Loharano plant in Madagascar.
Hourly production rates have been signficantly increased at the site and graphite purity levels have been maintained, the company said. Plant and processing modifications it has made have been stabilised, meaning the plant will move to 24-hour per day, six-day per week production this month.
Under the terms of its joint venture with Tirupati on the plant, StratMin has issued around 2 million shares to Tirupati at 5.07 pence per share as consideration of the first instalment of GBP100,000 due for the technical services Tirupati has provided.
StratMin shares were up 16% to 4.05 pence on the news, one of the best performers in the AIM All-Share.
"Completion of this pilot phase is a key differentiator between Stratmin and our listed peers. We have a seasoned and successful team that has built and operated a plant that produces high-grade, large flake graphite. We take all of this expertise into the design and delivery of the next mine and plant at Mahefadok and our joint venture project with Tirupati," said Chief Executive Brett Boynton.
By Sam Unsted; [email protected]; @SamUAtAlliance
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