Canadian mineral exploration firm Energizer Resources has acquisition of the Molo graphite project in Madagascar.
Canadian mineral exploration firm Energizer Resources has acquisition of the Molo graphite project in Madagascar.
The company acquires the remaining 25% interest in the Molo project from its joint venture (JV) partner Malagasy Minerals and will also own 100% of the industrial mineral rights within the acquired property, which comprises 2,120 claims totaling 363 square miles.
Under the terms of the agreement, Energizer should make cash and share payments over various stages and complete the full feasibility study, as well as the start of commercial production at Molo.
Energizer Resources chief executive officer Richard Schler said the acquisition of remaining of the Molo graphite project marks key milestone and is an important step in the company’s overall mine development plan.
"We know through on-going dialogue with potential strategic partners regarding off-take agreements and project financing for the future Molo mine that 100% ownership is highly preferred and so this transaction should certainly help facilitate those discussions," Schler added.
The Molo deposit area is just 0.3 square miles, representing less than 1% of the total land package.