Battery Minerals has released its quarterly report ending June 2018, which details the continued ramp-up of the Montepuez graphite project in Mozambique. The project is several steps closer to funding, having secured various contracts over the last year for long lead-time plant and equipment and site roads.
Battery Minerals states that it expects to deliver its first graphite shipment from the project within 12–15 months of finance completion.
The company possesses $20.5 million in cash and liquid assets as of July 20, which is expected to fall to $5 million by the end of the year due to targeted expenditure in the fourth quarter.
The Montepuez project has received investment from several international investors.
Battery Minerals has reported strong progress on earthworks and camp construction in the last quarter, with the former 90 per cent to completion and the latter 70 per cent to completion. The primary crusher, crushing circuit and product stockpiling stacker have been commissioned and tailings storage construction is underway and due for completion in October.
The company also reported on developments from its Balama Central graphite project — also in Mozambique — and expects to finalise a project feasibility study in the fourth quarter of 2018. The project doubled its total mineral resource to 32.9 million tonnes (Mt) at 10.3 per cent in March following completion of a 1,600m diamond drilling program.