ASX-listed Magnis Resources Ltd has signed
a binding term sheet with China National Materials Industry
Import and Export Corp. (SINOMA) for $150m in funding to cover
engineering, procurement, construction and financing for its
Nachu graphite project in Tanzania.
The term sheet is structured on the findings of
Magnis’ prefeasibility study for Nachu and has a
debt to equity ratio of 90:10, based on Magnis putting in $15m
of financing for a total sum of $165m for this areas of
SINOMA will provide Magnis with engineering goods and
services at the project, for which it has signed two offtake
agreements amounting to a total supply deal of 180,000 tpa
Also in Tanzania, ASX-listed
Kibran Resources Ltd has received an
expression of interest (EOI) from a development finance
institution to co-finance the development of the Epanko
The unnamed institution, which
has been described as one of the largest European development
finance institutions with a strong track record in mining both
in Africa and worldwide, will potentially provide a senior loan
of up to €20m ($21m*) with a tenure of at least 6.5
The EOI is conditional based on a
positive result of an evaluation of the commercial, legal,
ecological social and other aspects of the project, including
the feasibility study and receipt of the environmental
certificate currently being processed by the Tanzanian
Although non-binding, the EOI is
supported by a binding offtake agreement and a letter of intent
(LOI) which is currently being progressed to binding status.
Together, the offtake and LOI account for 50% of the planned
40,000 tpa graphite production at Epanko.
Ltd has announced that initial metallurgical test work
on core from the Shimba deposit at its Tanzanian Chilalo
graphite project has returned concentrate grades with an
average of 95.9% C from basic flotation.
The ASX-listed company said that
53% of the fresh material and 47% of the transition material
tested was classified as large and jumbo flake size. Average
recoveries across both categories were 96.8%.
A maiden mineral resource
estimate for project’s Shimba deposit is expected
Elsewhere in Tanzania,
Black Rock Mining, formerly Green Rock Energy,
has completed 2,200 metres of diamond and reverse circulation
drilling at its Mehenge project, which has indicated wider
zones of graphite mineralisation than mapped last year.
Over 1,100 samples of 2 metres
composites have been sent for assay, the results of which are
expected in April.
The company noted that all 16
holes drilled at the Epanko North prospect at the project
started and ended in graphite mineralisation.
Black Rock Mining has now started
designing an infill drill programme, to start in June, which
will enable it to define a JORC-compliant resource at Epanko
North and continue defining graphite mineralisation at
TSX-V-listed DNI Metals Inc. has released
the results of tests on grab samples collected during a due
diligence trip to its recently acquired graphite property in
Three samples yielded grades of 9.8% C, 10% C and 35.5% C.
The company said that it took the samples over a mineralised
zone approximately 2km in length. Additional zones identified
on the property bring the total mineralised strike to
The name of the property has not been disclosed, but is
reported to be a past-producing graphite project located
approximately 50km south of the Madagascan port of Toamasina on
the country’s east coast.
DNI said that a detailed programme of test pit and auger
sampling and mapping is currently in the advanced stages of
planning and are expected to commence towards the end of
Last month, the company signed a letter of intent with
Atlantica Geologia e Mineracao SA, Columbia Exploracao Mineral
Ltda, and Ricardo Oliveira Gallant de Menezes to acquire a 100%
interest, minus royalties, in a graphite project in Brazil.
Also in Africa, ASX-listed Mozambi
Resources Ltd is to carry out initial
graphite exploration of two licence areas in
Mozambique’s Cabo Delgado province.
The two license areas are located in the vicinity of
concessions belonging to fellow fellow Australian explorers,
Triton Minerals Ltd and Syrah Resources Ltd.
Mozambi Resources said it would proceed with the exploration
the appropriate documentation had been filed with
Mozambique’s Ministry of Mineral Resources.
In Canada, Great Lakes Graphite Inc. said
it has confirmed the presence of hydrothermal lump vein
graphite at its Lochaber graphite property in southwest Quebec,
following metallurgical tests on samples taken from the
The initial analysis was conducted by Process Research
Ortech (PRO), based in Mississauga, Ontario, after which
samples were then sent to AGAT laboratories, also in
Mississauga, where graphitic carbon assays yielded results of
over 98% C.
Great Lakes said that additional graphite material is being
analysed by PRO, the results of which it plans to use in
building an economic model for the project. Purity testing has
also commenced and the company intends to collect more material
from Lochaber over the next two weeks, subject to ground
Caribou King Resources
Ltd has signed a letter of intent with fellow
TSX-V-listed Cavan Ventures Inc. for a
potential joint venture (JV) to develop 24 claims attached to
the northern boundary of Caribou's Buckingham graphite property
Grab samples on Cavan's claims
have returned values as high as 86.5% C, with flakes over 5mm
in diameter, according to results released by Cavan in July
The area proposed for JV
development covers an area of 1,682.8 ha (16.83km2).
Terms of the definitive agreement will be released pending
assay results from a mini bulk sample set to be taken in the
Resources Ltd has executed a binding offtake agreement
for a payment of $2m from China Sciences Hengda Graphite Corp.,
pursuant to a deal signed in July last year between the two
companies and Hengda’s largest shareholder, Wang
The July framework agreement
provided that the two companies would merge and that $2m would
be paid to Wang by way of a refundable deposit. The framework
agreement has now been terminated, and on 29 March it was
agreed that the deposit will be refunded in instalments by
Lamboo expects to be fully reimbursed by 30 June 2015. The
company is developing the McIntosh graphite project in Western
Australia, as well as gold, copper and molybdenum projects in
other parts of the country.
To Europe, where Perth-based Talga Resources
Ltd has received a test mining permit from the
Environmental Review Commission within the Norrbotten County
Administration Board for its Vittangi graphite project in
Approval is valid until 30 September 2018 and covers the
extraction of 2,000 metres cubed (5,000 tonnes) graphite ore
from the Nunsvaara resource area of the Vittangi project.
The company said it can now start site work preparations,
contract selection, equipment mobilisation and all other
ancillary work in advance of the extraction programme.
In financing news, TSX-V-listed
Focus Graphite Inc. has closed the second and
final tranche of a previously announced private placement for
gross proceeds of Canadian dollar (C$)883,799 ($699,489*).
For the second tranche, Focus
issued just over 2.525m units at a price of C$0.35/unit, with
each unit being comprised of one common share in the company
and one half of one common share purchase warrant, with each
warrant entitling the holder to acquire one additional common
share at a price of C$0.55/share until 27 March 2017.
Focus paid cash finder’s fees totaling $61,866
and issued 176,759 non-transferable warrants in connection with
*Conversions made April