graphite

Armadale Chairman, Nick Johansen, comments: “We are delighted to announce another crucial step forward in the development of Mahenge.

“Appointing our chosen EPCM will mark the commencement of the next preparatory phase of mine construction and take us another step closer to production.

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“In addition, the completion and submission of the Environmental and Social Impact Assessment (ESIA) is one of the final necessary components in the Mining Licence process and I would like to thank all those involved for their efforts in completing this important piece of work in such a short time frame.

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“Receipt of a Mining Licence will be one of the final and most important de-risking milestones for the Project and we look forward to being able to update further on this as we work with NEMC to conclude the final licencing components.

“Alongside this, as previously indicated we continue to be positively engaged in development funding options. Testament to Mahenge’s highly compelling project economics we have received strong interest, and we are naturally committed to securing the best option for our stakeholders. We will update shareholders on further developments as soon as we are in a position to do so.

“With project financing, a mining licence and commencement of mine construction all imminent, Mahenge, and indeed Armadale, is on the cusp of transformation.

Ultimately, Mahenge’s value potential is clear, and it is our responsibility and focus to convert this into meaningful returns for our stakeholders. To deliver on this, we have devised a staged development plan giving a fast-tracked, low-cost route to production. This is truly an exciting time of development.”

Highlights:

  • Front End Engineering Design of processing plant by international engineering, procurement and construction company due to commence shortly upon selection of preferred construction group
  • Selection process at an advanced stage, with suitable strategies for the development and construction of Mahenge already identified following a detailed consultation process with a range of potential mining contractors
  • Ready to initiate follow-up and final metallurgical test programme to enable the detailed selection of the processing plant equipment
  • National Environmental Management Council site visit completed – one of the penultimate steps required for granting of the Environmental Permit to facilitate the granting of the mining licence
  • Continue to advance ongoing project financing negotiations for mine construction of Stage 1 of Mahenge’s 60,000 tpa capacity