WASM Graduate, David Flanagan’s Battery Minerals Secures Finance
WASM Alumni and WASM Alumni Patron, David Flanagan, MD of Battery Minerals, has scored a piece of the money pie from RCF to advance his projects in Africa. RCF (Resource Capital Funds) have provided a $30-million debt and equity package to fund its Montepuez graphite project, in Mozambique.
RCF will also subscribe for $5-million worth of Battery Minerals fully paid ordinary shares at a price equal to the lowest price at which shares are issued between the execution of the term sheet and the completion of RCF’s equity subscription.
The Montepuez project is expected to start graphite flake concentrate shipments in the March quarter of 2019, at a rate of 45 000 t/y to 50 000 t/y. Battery Minerals has signed four binding off-take agreements for up to 41 000 t/y of graphite concentrate, representing over 80% of the project’s forecast yearly production.