Date: Mar 16, 2018
BEIJING (Asian Metal) 16 Mar 18 – On March 16, Australian-based Mustang Resources announced that a strategic review led by new Managing Director Dr Bernard Olivier has found that the Company’s Caula Graphite Project in Mozambique is well on track for first production by the middle of next year.
The extensive review was conducted alongside the Concept Study, which is set for completion in the June 2018 quarter.
Stage 1 Development Strategy comprises a robust, low-cost mining operation producing about 100,000tpa of ore for 10,000 to 15,000tpa of high-grade (97% C+) graphite concentrate. From the start of operations, vanadium will be extracted to a concentrate. This will be sold to a vanadium producer or stockpiled for future production of refined vanadium pentoxide chemicals. Sale of graphite and vanadium products produced in Stage 1 will be used to secure binding off-take agreements and associated finance required for Stage 2 development. Stage 1 of the project development is expected to be completed and producing sellable products in H1 2019.
