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Valence Industries Ltd. (ASX:VXL) announced that pending government approval it will soon be restarting production at the past-producing, Australia-based Uley graphite mine.
Valence Industries Ltd. (ASX:VXL) announced that pending government approval it will soon be restarting production at the past-producing, Australia-based Uley graphite mine. The news is significant given that the country has not produced graphite since 1993.
As quoted in the press release:
Over the past year, the Uley site and surrounding infrastructure have undergone a complete refurbishment, and new equipment is in place to allow Phase I production to commence shortly. Phase I will process stockpiled graphite left behind from the 1993 closure and move rapidly into processing from the new Uley Pit 2.
In addition, Valence Industries has achieved ongoing exploration success at Uley, with the Company discovering a new globally unique flake graphite area with grades of more than 60% and found near the surface. The ‘Arterial FlakeTM’ Graphite is expected to have a positive impact on the value of the graphite products from Valence Industries.
The Uley Graphite mine currently contains 360,000 tonnes of graphite, which is in addition to the stockpiled graphite that contains approximately 10,900 tonnes of graphite.
Click here to read the full Valence Industries Ltd. (ASX:VXL) press release.