logo-loader
viewVolt Resources Ltd

Volt Resources’ graphite mining licence applications recommended for approval

The two applications cover the footprint for the stages I and II developments of the Bunyu project.

Tanzanian flag superimposed over clenched hands
The Bunyu Graphite Project is located near critical infrastructure

Volt Resources Ltd (ASX:VRC) has had its two mining licence applications for the Bunyu Graphite Project in Tanzania recommended for approval within the online Cadastral system of the country’s Ministry of Minerals.

These applications cover the footprint for both the stage I and II developments at the project.

While the recommendation represents an encouraging step forward, Volt advises that “this status change does not constitute final approval and receipt” of the all-important licences.

READ: Volt Resources receives environmental certificate for flake graphite project in Tanzania

Volt recently received the Environmental Impact Assessment (EIA) Certificate, representing the final pre-requisite for granting of the mining licences and one of the final remaining major milestones in terms of government permitting.

The feasibility study for Bunyu’s stage I development was completed in July 2018 based on a mining and processing plant annual throughput of 400,000 tonnes to produce on average 23,700 tonnes of graphite products.

READ: Volt Resources gets ready for stage I development of Tanzania’s largest graphite resource

A key objective of stage I is to establish infrastructure and market position in support of the development of the significantly larger stage II expansion project.

The Bunyu project is ideally located near critical infrastructure with sealed roads running through the project area and ready access to the deep-water port of Mtwara 140 kilometres away.

US$40 million note issue update

Volt is also advancing the US$40 million note issue for which an updated prospectus was lodged with the Tanzanian Capital Markets and Securities Authority (CMSE) and the Dar es Salaam Stock Exchange last month.

The company said that correspondence with the CMSA had been ongoing and positive, and it was preparing to lodge a further update of the prospectus and associated documents.

READ: Volt Resources cooperates with Chinese graphite company regarding Bunyu offtake

“Volt is satisfied with the recent progress in relation to regulatory approval of the prospectus with a conclusion expected in the near future,” the company advised in a statement.

Quick facts: Volt Resources Ltd

Price: 0.018 AUD

ASX:VRC
Market: ASX
Market Cap: $34.18 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Volt Resources Ltd named herein, including the promotion by the Company of Volt Resources Ltd in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Volt Resources strives to be leading natural flake graphite producer

Volt Resources Ltd (ASX:VRC) CEO Trevor Matthews details progress and aspirations for the Bunyu Graphite Project in Tanzania, as demand and supply for the commodity shifts, sending up prices. Speaking about a potential note issue on the Dar es Salaam Stock Exchange, Matthews says, "we're...

on 18/4/18

2 min read