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LON:BRES
Blencowe Resources PLC is aiming to develop the Orom-Cross Graphite Project in Uganda. Orom-Cross is a potential world-class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit. A 21-year mining licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is moving through the feasibility study phase.
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"I am delighted to welcome Jangada Mines as a new significant shareholder in the company,” said Cameron Pearce, Blencowe executive chair
Confirmation of Chinese interest shows its Orom-Cross project in Uganda is at a much more advanced stage and closer to commercialisation than previously thought, said the broker
The mineral exploration and development company said it has already been able to share significant data with its potential Chinese strategic partner, having completed two previous stages of bench scale metallurgical testing
“The quality and value of Orom-Cross graphite continues to inspire us to move as quickly as possible towards a decision to mine," said company executive chairman Cameron Pearce
Blencowe is seeking to bring Orom-Cross into initial production before the end of 2023
The weighted average sales price for a basket of end products is likely to be US$1,307 per tonne.
Blencowe hopes for further market recognition once the pre-feasibility study of Orom-Cross is delivered in the middle part of this year.
Tests show the concentrate is likely to be suitable for use in batteries
The mineral explorer and developer partnered with SkyTEM Surveys Aps to undertake a high definition airborne electromagnetic survey
