Highlights
- Mining Licence Applications (MLA’s) cover both Stages 1 and 2 of its Bunyu Graphite Project in Tanzania
- Significant milestone and represents the final key approval required for proposed Stage 1 development of flagship Bunyu Project
- Latest development follows the submission of the Environmental and Social Impact Statement (ESIS) in January
- Bunyu Project has the largest JORC Mineral Resource in Tanzania measuring 461Mt at 4.9% Total Graphite Carbon (TGC)
Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) is pleased to advise that it has lodged its Mining Licence Applications (“MLA’s”) with the Minister for Minerals of Tanzania (the “Minister”) covering the Company’s flagship Bunyu Graphite Project.
Importantly, the MLA’s cover both the Stage 1 development, where an estimated 400,000tpa of ore will be processed producing a nominal 20,000tpa of graphite products, and the Stage 2 expansion at Bunyu which is targeted for completion by late 2020 and will be based on the PreFeasibility Study metrics of 3.8Mtpa of ore feed to produce 170,000tpa of graphite product.
As the footprint of the Stage 1 Bunyu Project also accommodates the Stage 2 development – with both development stages set to utilise the same mine infrastructure – two MLA’s have been lodged with the Minister. The total area covered by the MLA’s is approximately 18 km², with single ML’s limited to 10km² in size.
As previously advised (see ASX announcement dated 23 January 2018), the lodgement of the MLA’s follows the submission of the Environmental and Social Impact Statement, both of which are key approvals for Volt’s near-term development plans at Bunyu.
Following assessment and approval by the National Environment Management Council (“NEMC”), Volt will be issued with its Environmental Certificate for the project.
In addition, Volt will update shareholders on the progress of the Exotix Capital US$40m bond issue and the finalisation of the Stage 1 Bunyu Feasibility Study in the near future.
Volt’s Chief Executive Officer, Trevor Matthews commented:
“We are continuing to make significant strides towards the planned Stage 1 Development of our Bunyu Graphite Project this year, with the submission of the Mining Licence Applications another key component of this strategy.
“Coupled with the recent submission of the ESIS and the partnering with Exotix on the project funding for Bunyu, our focus remains squarely on our shareholder value proposition with the near-term development of what will be a globally significant graphite asset.
For and on behalf of Volt Resources Limited
Trevor Matthews
Chief Executive Officer
FOR PERSONAL USE ONLY
For further information please contact:
Trevor Matthews – Chief Executive Officer
Tel: +61 8 9486 7788
Released through Sam Burns, Six Degrees Investor Relations, M: 0400 164 067