Curated News
By: NewsRamp Editorial Staff
April 08, 2024
Applied Graphite Technology Acquires Queen’s Mine in Sri Lanka, Aims for Increased Production
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- Applied Graphite Technology Corporation successfully acquired the past-producing Queen’s Mine in Sri Lanka, positioning the company for increased graphite production and market advantage.
- The acquisition includes a property with high-grade graphite veins, plans to increase production to 3,000 tonnes per year, and a focus on finalizing exploration licenses critical for securing mining rights.
- The acquisition and planned increase in production will contribute to the local economy in Sri Lanka, creating job opportunities and supporting the community.
- The Queens Mine in Sri Lanka has previously extracted high-grade graphite veins at a rate of 20 tonnes per month, with plans to increase production to 3,000 tonnes per year.
Impact - Why it Matters
The acquisition of the Queen’s Mine in Sri Lanka by Applied Graphite Technology Corporation is significant as it signals the company's expansion and plans for increased graphite production. This news matters to investors and industry stakeholders as it demonstrates the company's strategic growth and positive outlook for the regulatory environment in Sri Lanka.
Summary
Applied Graphite Technology Corporation CEO Don Baxter has announced the successful acquisition of the past-producing Queen’s Mine in Sri Lanka, with plans to increase graphite production to 3,000 tonnes per year. The company will focus on finalising exploration licenses to secure mining rights, with optimism about the regulatory environment in Sri Lanka.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Applied Graphite Technology Acquires Queen’s Mine in Sri Lanka, Aims for Increased Production
