(Ecofin Agency) - Battery Minerals announced today March 29, it has reassessed the mineral resource estimate of its Balama graphite project in Mozambique.

According to the new assessment, following a 1, 600 m diamond drilling campaign, the mine hosts 32.9 million tons at 10.2% total graphitic carbon (TGC) and 26.6 million tons at 10.3% total graphitic carbon.

“With the mining licence now secured for our Montepuez project and the resource inventory for Balama increased to such a huge extent, our strategy to become a major graphite supplier to the battery industry is well on track,” the MD David Flanagan said.

Moreover, a recent scoping study showed that the mine’s development, valued at $50 million, should enable Battery Minerals to produce between 53,000 and 55,000 tons of graphite concentrate annually, over 10 years. The project is currently subject to a feasibility study.

Louis-Nino Kansoun