Valence Industries Ltd. - December 2014 Quarterly Activities Report and Appendix 5B
01.02.2015 | ABN Newswire
Perth, Australia (ABN Newswire) - Graphite producer, Valence Industries Ltd. (ASX:VXL) ("Valence Industries", "the Company") is Australia's only graphite production company. The Company is bringing the Uley GraphiteTM mine back into production.The strategy is to maximise production and sales from the Phase I plant, build and deliver increased production from Phase II and develop Phase III advanced manufacturing capacity for specialist, high purity and micronised graphite products.
Valence Industries' goal is to become a leading global graphite production company and manufacturer of advanced, high-margin graphite related products.
Quarter Highlights
- South Australian Government approval granted to commence production at Uley GraphiteTM mine.
- Commencement of commissioning at the 14,000tpa Phase I plant on 25 December 2014.
- Completion of economic Feasibility Study for expansion of Uley GraphiteTM site for;
* Phase II expanded production; and
* Phase III advanced product handling and manufacturing including high purity production and micronisation.
- Maiden high grade Ore Reserve of; 261,000t @ 12.9% graphitic Carbon (gC) confirmed at Uley Pit 2
* Reserve to support an initial 5+ year mine life
* Uley Pit 2 Extension drilling currently underway and is expected to extend mine life
- Recruitment of operational personnel for 24/7 shift operations
- Appointment of Ian Pattison as a Non-Executive Director
- Cash of $8.32m at 31 December 2014.
The Phase I plant is currently reprocessing raw material from existing fines stockpiles, with 10 tonnes produced since mid-January. The production rate will continue to be ramped up progressively, and the Company is pleased with the initial performance of the plant.
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-VXL-840557.pdf
About Valence Industries:
Valence Industries Ltd. (ASX:VXL) is an industrial manufacturing company producing high grade flake graphite products for distribution and sale to global markets. Valence Industries owns established processing facilities and infrastructure to manufacture a wide range of graphite product lines for multiple applications and multiple industries. Valence Industries produces and sells its graphite products from its Uley Graphite facilities in regional South Australia for delivery to diversified markets for graphite in the Asia Pacific, Europe and North America.
Contact:
Valence Industries
Corporate Headquarters
Investor Relations
T: +61-8-8418-8564
E: info@valenceindustries.com
www.valenceindustries.com