Applied Graphite Technology Corporation (AGT) has made a strategic move by acquiring the past-producing Queen’s Mine in Sri Lanka. This acquisition will bolster the company’s operations and position it for increased graphite production in the region.
In an announcement, AGT’s CEO Don Baxter revealed that the newly acquired Queen’s Mine will be amalgamated into the company’s Queens Mine Complex, situated centrally between AGT’s existing Dodangaslanda Graphite Properties. The Queen’s Mine previously extracted high-grade graphite veins at a rate of 20 tonnes per month, and AGT plans to ramp up production to an impressive 3,000 tonnes per year.
Baxter highlighted the promising prospects of the acquisition, stating that underground workings have exposed at least six graphite veins spanning a total width of 25 meters, with vein thickness varying up to 0.4 meters. This discovery underscores the potential for significant graphite reserves in the area.
In the coming three to six months, AGT’s primary focus will be on finalizing exploration licenses, a critical step towards securing mining rights over the owned properties and avoiding negotiations with landowners. Baxter expressed confidence that this process will swiftly lead to obtaining a mining license, propelling the company into production.
Reflecting on the regulatory environment in Sri Lanka, Baxter noted improvements in governmental procedures and support, contrasting with his previous experiences. He highlighted the presence of motivated individuals within the Bureau of Mines aiming for expedited processes, which bodes well for AGT’s operations in the country. The company’s acquisition of the Queen’s Mine is a strategic move that positions it for growth and increased graphite production in the region.
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