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Stratmin prelims chart a year of progress for graphite miner

Published: 07:57 22 May 2015 BST

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StratMin solved the 'grade puzzle' earlier this month in reaching 94% carbon.

StratMin’s (LON:STGR) annual results mark a period of significant progress in which the graphite miner went a long way towards cracking the ‘grade puzzle’.

It actually achieved that landmark earlier this month in reaching 94% carbon. In doing so, and landing an offtake partner from the Loharano mine in Madagascar, it has now achieved two of its three major goals.

The other is to get to cash flow break-even, which is on the horizon.

Turning to exploration, the big event of the last financial year occurred in October as StratMin identified regolith-hosted graphite mineralisation was at its Mahefadok prospect. 

This year the group recorded better than expected preliminary exploration results from the Mahela and Ambatofafana targets.

As is common for companies at this formative stage of its development StratMin was loss-making. The deficit was £2.3mln for the 12 months to the end of December last.

Encouragingly revenues more than tripled in the period to £153,000.

Managing director Manoli Yannaghas told investors: “I am happy to report that the vast majority of the residual problems have been identified and fixed. 

“We have demonstrated this across the business but most importantly by the improvement of our production performance. 

“The graphite story remains extremely compelling and Stratmin is in a unique position as a growing producer to take full advantage of the consolidation that the directors believe must take place in the market over the short and medium term. 

“This is a very exciting time for the company, and I look forward to seeing that reflected in our share price.”


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