- EcoGraf (EGR) reports “outstanding” results from a pre-development program for its Epanko graphite project in Tanzania
- The company completed the program to build on a bankable feasibility study completed in 2017
- The pre-development program results delivered a 22 per cent increase in graphite production capacity to 73,000 tonnes per annum, up from 60,000 tpa in 2017
- EcoGraf says the report positions the Epanko project to become a “world-class” graphite development
- EcoGraf closed 2.5 per cent lower at 19.5 cents on Friday afternoon
EcoGraf (EGR) has reported “outstanding” results from a fresh pre-development program for its Epanko graphite project in Tanzania.
The company undertook the pre-development program to build on a bankable feasibility study (BFS) for the project completed in 2017.
EcoGraf says the study was subjected to “rigorous” due diligence by SRK Consulting, which confirmed all technical areas of the proposed Epanko development had been “significantly advanced” to conform with the requirements of international project financing standards.
It also noted the environmental and social management planning and supporting impact assessments conform to relevant Tanzanian legislation, International Finance Corporation Performance Standards and World Bank Group Environmental Health and Safety guidelines.
The program results delivered a 22 per cent increase in graphite production capacity to 73,000 tonnes per annum, up from 60,000 tpa in the 2017 BFS.
This comes at a slightly increased all-in sustaining cost of US$585 per tonne sold compared to US$572 per tonne in the 2017 study.
EcoGraf said the results positioned the Epanko project to become a “world-class” graphite development.
Additionally, the company signed a framework agreement with the Government of Tanzania for the development and operation of the project.
The March quarter also saw a 38 per cent increase in Epanko’s mineral resource estimate to 128.2 million tonnes at 7.4 per cent total graphitic grade for 9.48 million tonnes of contained graphite.
EcoGraf said the project had the potential to be expanded to 300,000 tonnes per annum of production based on an assessment of the current mineral resource.
EcoGraf closed 2.5 per cent lower at 19.5 cents on Friday afternoon.