UK-listed graphite mining company StratMin Global Resources has reported its transformation to cash generative miner by shipping its first 20t of flake graphite from Loharano mine in Madagascar.
Also, the company is looking to raise its production capacity of the mine to 300t per month from the current rate of 180t.
Following the increase in production capacity, the output is expected to rise to 600t with the addition of an extra shift as part of its strengthening.
Stratmin chairperson Gobind Sahney remarked that the company made a steady progress in raising its production capacity which also includes the commencement of mining operations at the mine and its readmission to AIM.
"I believe we have made an excellent start on creating a valuable company that will deliver positive returns to shareholders in the near term and I look forward to updating them on our progress regular basis," added Sahney.
Meanwhile, the company has invested around $500,000 to improve plant throughput, product quality and specification and site infrastructure.
Also, the funds were used to purchase a drilling rig to optimize short-term mining operations aimed at upgrading the Joint Ore Reserves Committee-compliant resources.