Strategic Graphite has initiated a revised strategy to fast track the re-commencement of operations at its Uley graphite mine on the Eyre Peninsula in South Australia and the listing of the company’s shares on the ASX.
Strategic Graphite has appointed Patersons Securities Limited, one of Australia’s leading stockbroking firms, as corporate adviser in relation to a capital raising and ASX listing. The company is developing plans for an ASX listing in late 2013 and for a capital raising.
Proceeds from the proposed capital raising will be directed to fund the listing process and to commence the restart of operations from its high-grade flake graphite product lines at the world-class Uley Graphite Project in South Australia.
The Uley plant was Australia’s only operating graphite mine and was capable of annually producing up to 14,000 tonnes of graphite. The 20 tonnes/hour processing plant is substantially intact and operable, requiring some refurbishment and supplemental equipment.
Strategic Graphite Ltd will be led by chief executive officer Christopher Darby, a globally experienced director, commercial manager and senior lawyer who has worked on and advised boards of public and private companies for more than 19 years. In the mining and resources sector he has worked on graphite, coal, iron ore, gold, silver, uranium, rare earths and petroleum projects and in particular has extensive product marketing capability and experience.
Chris Darby has an intimate knowledge of the graphite production process, the international market for graphite and the Uley project. He says, “Three pillars for success are needed in graphite manufacturing: a high-grade flake graphite resource; an experienced graphite engineering and metallurgy capacity; and a knowledgeable graphite marketing team. At Strategic Graphite we have all three pillars in place and we can apply those skills to rapidly lead development. It is a very exciting time and I am looking forward to fast-tracking the company’s return to operations.”
A new board will be appointed to support Strategic Graphite and drive the company’s emphasis on its manufacturing and production expertise for customers.