Volt Resources Ltd's (ASX:VRC) shares have climbed 17.4% to $0.027 intra-day on firm volume of 8 million, as the company continues to progress discussions with two potential Chinese off-take customers.
Volt is focused on the exploration and development of its wholly-owned Bunyu Graphite Project in Tanzania.
Progress in Tanzania
The company is making significant progress in Tanzania, with the Environmental and Social Impact Assessment (ESIA) well advanced.
The ESIA report for Bunyu is expected to be finalised within the next few weeks and lodged with the Minister of Environment.
The completion of this process is a key step towards submission of the Mining Licence Application for Stage 1 production.
Volt expects the Mining Licence Application to be lodged before calendar year end.
Trevor Matthews, chief executive officer, commented:
"Volt is fast-tracking the Stage 1 Development of our Bunyu Graphite Project, with a pathway now in place to have the project in production within the next 12-18 months.
"Product testing is well underway and we are advancing with our Chinese partners in a cooperative manner.
"Our aim is to materialise these relationships into binding off-take agreements in the vicinity of 15,000 to 20,000tpa, underpinning the Stage 1 Development of Bunyu.
"The company looks forward to providing further updates on both corporate and operational progress in the near-term."