Bass Metals Acquires Stratmin’s Graphmada Large Flake Graphite Mine, Australia
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Bass will become the first Australian graphite producer with a revenue stream after completing the acquisition of the Graphmada Large Flake Graphite Mine from Stratmin Global Resources.
$16 million of capital has already been spent to develop the mine, which hosts four known deposits with mining permit locked in for 40+ years.
Importantly, the mine is selling high purity, large flake product into India, Europe and the U.S., with potential exposure to lithium-ion battery demand.
The current production is from a 6,000 product tonne per annum processing plant installed on site, with a plan to substantially increase production.
There is significant development potential to grow the operations, both near-mine and regionally, with mineralization open to depth and along strike, across the four known deposits.
The consideration for the mine will include a payment of $1.5 million and the issue of $750,000 worth of Bass shares at $0.01 each.
Stratmin will also be entitled to a net smelter royalty of 2.5 percent capped at $5 million and up to $8 million worth of Bass shares on achieving production milestones.
Source: (June 30, 2016) Proactive Investors
About Bass Metals
Bass Metals Ltd is focused on minerals exploration.
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