EDITOR: | August 30th, 2013

Australia’s Kibaran Resources Moves to Drafting of Formal Offtake Deal for Tanzanian Graphite

| August 30, 2013 | No Comments

August 30, 2013 — Developers of the likely first graphite mine in Tanzania say they have commenced drafting of formal documentation to lock in offtake agreements for the Epanko prospect, part of the Mahenge project in the southeast of the country.

Speaking in Perth today on the final day of the three day 2013 Paydirt Africa Down Under conference, Kibaran Resources Limited Director, Mr Andrew Spinks, said the move was a step up from the landmark non binding Memorandum of Understanding signed with a major European graphite trader.

That initial agreement provides for a minimum 10-year offtake arrangement.

“We have now stepped up commercialisation of Epanko and started drafting a binding offtake agreement,” Mr Spinks said.

“The development timetable has also been finessed so that subject to approvals and further resource definition, we can complete permitting and mining lease grants by October next year and a commencement of mine construction by the end of next year.”

Mr Spinks said a formal binding MOU would further validate the quality and commercial appeal of this high grade, large flake graphite deposit at Epanko.

The deposit is wholly owned by Kibaran.

Epanko has an Inferred JORC resource of 14.9 million tonnes at 10.5% total graphitic carbon (TGC) for 1.56 Mt contained graphite.

Mr Sprinks said the potential for resource upside was high as the Inferred estimate had been generated from work on only 20% of the deposit.

“This upside will be further strengthened by the growing global demand, and world shortage of large flake product, for graphite,” he said.



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