Applied Graphite Technology closes key acquisition of Queens Mine in Sri Lanka
April 08, 2024 at 06:57 pm
Share
(via NewsDirect)
Applied Graphite Technology Corporation CEO Don Baxter joined Steve Darling from Proactive to announce the successful acquisition of the past-producing Queen’s Mine in Sri Lanka. Situated centrally between AGT’s Dodangaslanda Graphite Properties, the newly acquired property will be amalgamated into the Queens Mine Complex.
Baxter revealed to Proactive that the Queens Mine previously extracted high-grade graphite veins at a rate of 20 tonnes per month, with plans to increase production to 3,000 tonnes per year. Adits providing access to underground workings exposed at least six graphite veins spanning a total width of 25 meters, with vein thickness varying up to 0.4 meters.
In the coming three to six months, the company's focus will be on finalising exploration licenses, which are critical for securing mining rights over the owned properties and avoiding negotiations with landowners. This process is expected to lead swiftly to obtaining a mining license, propelling the company into production.
Baxter expressed optimism about the regulatory environment in Sri Lanka, noting improvements in governmental procedures and support, contrasting with his previous experiences, and highlighting the presence of motivated individuals within the Bureau of Mines aiming for expedited processes.
Contact Details
Proactive North America
+1 604-688-8158
NA-editorial@proactiveinvestors.com
Copyright (c) 2024 TheNewswire - All rights reserved.
Copyright (c) 2024 TheNewswire - All rights reserved., source Press Releases
Applied Graphite Technologies Corporation, formerly Audrey Capital Corporation, is a Canada-based exploration and development company. The Company is engaged in developing the Queens Mine Complex in Sri Lanka. The Company owns a 90% ownership interest in C-Tech Ceylon (Private) Limited, which in turn owns a 100% ownership interest in the Dodangaslanda Graphite Properties in Sri Lanka. The ownership interest consists of the ownership of two lands (D1 and Q2) which are adjacent to the Queenâs Mine, a former graphite producing mine. The Dodangaslanda Graphite Project is located approximately 128 km north east of Colombo, Sri Lanka, and 35 km east north east of Kurunegala, a large regional center. It has historical workings and vein graphite outcrops. Vein graphite is naturally high grade (+95% carbon content in the ground) and does not require primary processing. Testing of vein graphite in lithium-ion battery anodes has shown high capacities, performing better than synthetic graphite.