Ceylon Graphite takes aim at the purest graphite on Earth
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Large land package includes areas of historic graphite production
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Located in Sri Lanka, which historically was a prime producer of graphite
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Focus on high-quality vein graphite, which is much rarer than other forms of graphite.
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Demand for graphite is expected to grow
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Strong financing in place, raised C$2 million in May 2018
Who is Ceylon Graphite?
Ceylon Graphite Corp (CVE:CYL) (OTCMKTS:CYLYF) (FSE:CCY) is exploring and developing graphite mines in historic resource jurisdictions in Sri Lanka. Ceylon Graphite has a focus on high-quality vein graphite, which is much rarer than other forms of graphite, such as amorphous or flake graphite.
The company holds exploration rights over a land package of around 121 square kilometers. This land package has a rich past: it represents the majority of known historic graphite resources in Sri Lanka, with production dating back to the 1920s.
WATCH: Mining Strategist Christopher Ecclestone on Ceylon Graphite
The country of Sri Lanka has a compelling history when it comes to graphite — graphite mined from the country is known to be some of the purest in the world but accounts for less than 1% of global production.
Graphite has a wide range of industrial uses including being used in steel-making, brake-pads and dry lubricants. It is also used in fuel cells, which power hybrid and electric vehicles and in lithium-ion batteries used in portable consumer devices, like laptops and smartphones.
All of the company’s assets are in Sri Lanka and it operates via two wholly owned subsidiaries, Sarcon Development (Pvt) Ltd and JADS Enterprises (Pvt) Ltd.
How is it doing?
The company had a very active 2018 and is carrying this momentum into 2019.
Its aim is to start commercial production as soon as possible, as well as developing upgrading capabilities.
Among the highlights last year was the discovery of six large graphite veins at the group’s K1 site. Assay results indicate 97.6% graphite.
Also, graphite obtained from the K1 site was found to be upgradeable and meets specifications of key battery grade graphite with a final carbon content of 99.9%.
Meanwhile, graphite at the group’s M1 site graphite assayed at 98.9%.
Other highlights included an assay of graphite from its P1 site of 96.1%.
The company also raised C$2 million by way of a non-brokered private placement in May 2018, led by a strategic investment from investor entrepreneur Sasha Jacob.
Goals for 2019 look sharp
Ceylon Graphite’s to-do list for 2019 looks compelling.
This included filing an environmental impact analysis or initial environment examination to obtain an environmental protection license for the K1 and M1 site.
Additionally, the company is aiming to start commercial production, expand the exploration work to at least three new sites and develop a processing capability in Sri Lanka. Lastly, it’s aiming to establish long-term contracts with the battery/energy storage equipment manufacturers.
CEO says graphite is the new oil
“Sri Lanka has the purest graphite on earth,” says CEO Bharat Parasher. “Unlike other places, which have flake and amorphous graphite, Sri Lanka has vein graphite. Vein graphite is like the veins in your body — its continuous flow, like a mini stream underground coming up from the core of the earth to the surface.”
The demand for graphite is expected to grow, particularly in light of electric vehicles.
“Decarbonization is taking place in a big way across the entire globe,” says Parasher. “Decarbonization is taking place not only in the electric vehicle space but also in energy storage in all forms of our daily life. We see graphite as the new oil.”
Contact Katie Lewis at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/217165/ceylon-graphite-takes-aim-at-the-purest-graphite-on-earth-217165.html
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