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NextSource is also accelerating completion of the technical studies already underway for both its Phase 2 expansion of the Molo graphite mine.
"This provides us with additional revenues and operational margins to partially fund our development funding costs going forward."
This project uses solar and wind energy will contribute to Rio Tinto’s operations achieving its carbon neutral objective by 2023.
This is a significant increase from the company’s 2019 feasibility study that considered a Phase 2 capacity of only 45 000 tpa.
Tirupati Graphite has set itself the ambitious target to meet 100% of the power requirements for its Madagascan projects using hydropower.
Automation is already seen by many mines as an essential element of their future productivity and commercial sustainability.
Tirupati has engaged the corporate securities law firm of Galanopoulos & Company to act as its OTC Markets Sponsor.
Mine commissioning is expected to begin in April 2022, followed by a ramp up to a Phase 1 processing plant capacity of 240,000 tpa.