LONDON (Alliance News) - StratMin Global Resources PLC on Wednesday said progress has been made in its "operational improvement programme" at its Loharano deposit in Madagascar.
The graphite production and exploration company said it has completed the current stage of plant refurbishment. The final stage of the refurbishment includes new milling and drying units and mining fleet, which will be funded with GBP1.5 million of proceeds due from Bass Metals Ltd under a deal between the companies.
"The team has been working through a methodical programme of operational improvement to maximise the value of every production hour. It is very pleasing to see sustained volume and grade improvements and the immediate impact of our new diesel mechanic on the performance of key equipment," Chief Executive Brett Boynton said.
"With the plant in an improved operational state, we decided to open up Mahefedok and bulk test the new ore zone on a commercial scale over an extended period ahead of finalising engineering on the new plant," Boynton said.
"The commitment now is to apply the same vigour at the corporate level to manage costs so that we maximise the value of each additional ton produced and sold. Everything we have accomplished has been without a break in production so we have utilised to the full extent the cash flow from operations to fund progress," he added.
Shares in StratMin Global Resources were up 8.4% at 2.71 pence on Wednesday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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