(Alliance News) - Armadale Capital PLC on Monday confirmed that the mine design for the Mahenge Liandu graphite project in Tanzania is now being finalised for inclusion in the definitive feasibility study, following a site visit by the project engineer.
The AIM-listed investment company said mine design will be optimised to target high grade areas are first, ensuring "stronger" cashflow generation in the "early years".
Armadale also said it has undertaken meeting with mining contractors, third party suppliers and logistics operators to ensure seamless route to transport graphite concentrate to port.
"The site visit by the project engineer tasked with designing the mine is a key milestone as it signifies the concept is moving towards reality and is an important step as we finalise the project's definitive feasibility study," said Director Nick Johansen.
"We are now looking beyond the completion of the definitive feasibility study to focus on the commercialisation strategy in order to deliver a high-quality graphite product to our off-take partners," added Johansen.
Armadale shares were trading 2.4% higher in London on Monday at 3.02 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Armadale Capital (ACP)