EcoGraf, is set to explore low emission mining methods for its Epanko graphite project, in Tanzania. The move follows anon-binding memorandum of understanding signed with Vermeer Equipment Supplies to evaluate the suitability of a new and alternative surface mining concept with one of Vermeer’s surface miners to economically mine, load and haul Epanko ore, with a resulting lower environmental impact and carbon footprint than conventional mining processes.
The deal will see the ASX-listed battery anode materials company provide Epanko’s extensive geotechnical, geological, structural and mining data to Vermeer to undertake an initial study to provide technical and economic data relating to surface miner performance. If the results of that study are sufficiently encouraging, EcoGraf and Vermeer would formulate a practical onsite test, EcoGraf told shareholders.
Epanko Graphite Project
The agreement with Vemeer is part of EcoGraf’s enhancement studies underway for Epanko, following the encouraging steps being taken by the government of Tanzania to attract increased foreign investment and positive progress in relation to the debt financing arrangements for the construction of the new Epanko graphite mine.
The Epanko Graphite Project is a long life, highly profitable graphite project located approximately 370km from the city of Dar es Salaam in Tanzania. It is forecast to produce 60,000 tonnes of natural flake graphite products each year and during its initial 18 years of operation Epanko will generate annual EBITDA1 of US$44.5 million, a 38.9% internal rate of return and pre-tax net present value 10 of US$211 million.
