Positive news for battery producer
ONE of the lead players in the Townsville battery manufacturing plant, Magnis Resources, says it is not affected by a ban on the export of mineral concentrates from Tanzania.
The company told the Australian Securities Exchange yesterday it had been able to demonstrate to the Government of Tanzania it could produce advanced graphite products which satisfied the requirements of the country’s Special Economic Zone legislation.
Magnis is developing the Nachu graphite project to supply advanced value- added products for use primarily in the lithium- ion battery industry, including battery manufacturing plants in Germany, the US and Townsville.
The Government of Tanzania has announced a ban on the export of unprocessed mineral concentrates which Magnis said included graphite concentrates.
“Magnis is not affected by this ban as the company will be exporting value- added products,” the company’s statement said.
Magnis said it would continue to focus on the best options for the development of Nachu and the battery manufacturing plants and said it could assure shareholders that the board and management had acted honestly and professionally in the development of Nachu.
Magnis is part of the Emperium3 consortium which signed a Memorandum of Understanding with Townsville City Council to investigate building a 15 GWh lithium- ion battery- manufacturing plant at Woodstock. THE share price of gold miner Evolution has continued to climb after reporting a lift in gold production in the March quarter, partly on standout performance at its Queensland mines.
The company produced 191,474 ounces of gold in the three months to March 31, down from 202,926 ounces in the prior corresponding period but up on the December quarter.
Evolution shares are trading up 3.5c, or 1.1 per cent, to $ 3.365.
The quarter- on- quarter rise was driven by strong production from Evolution’s Queensland mines, Mt Rawdon and Ernest Henry.
The Mt Rawdon mine produced 30,625 ounces of gold, up from 21,418 in the December quarter.
The Ernest Henry mine contributed 22,839 ounces and is expected to deliver full year gold production above the top end of the 85,000- 90,000 ounces guidance range.
The Mount Carlton mine near Townsville produced 25,850oz of payable gold contained in 16,111 dry metric tonnes of gold concentrate and 6560oz of gold ore and is expected to deliver full year gold production above the top end of the 100,000- 110,000oz guidance range.