Jangada Mines PLC Investee Company Update: Blencowe Resources (3614Y)
January 02 2024 - 5:10AM
UK Regulatory
TIDMJAN
RNS Number : 3614Y
Jangada Mines PLC
02 January 2024
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
2 January 2024
Jangada Mines plc ('Jangada')
Investee Company Update: Blencowe Resources PLC
Jangada Mines plc is pleased to note the announcement released
by Blencowe Resources PLC (LON:BRES) in which it holds a c. 10%
interest.
Jangada Executive Chairman, Brian McMaster, said: "Since nearly
all of global graphite anode material came from China last year,
which implemented a new policy to regulate the export of some
graphite products in December 2023, diversity of supply has become
increasingly important to support the energy transition worldwide.
This places Blencowe, which is developing Orom-Cross, a potential
world class graphite project both by size and end-product quality,
in a very strong position."
The announcement is set out below without material changes.
Start of Blencowe Resources PLC announcement
Blencowe Resources
Orom-Cross Graphite Project Update
Blencowe Resources Plc ("Blencowe" or the "Company") is pleased
to provide an update on the progress of the Orom-Cross Definitive
Feasibility Study ("DFS") and some of the expected activities in
the current quarter.
Highlights:
-- Further 600 tonne bulk sample completed for shipment to China
for commercial scale testing and further OEM testing of processed
99.95% purified SPG product. Testing to be carried out in Q1 2024.
Interest in Orom-Cross product has been high from various tier one
battery off-takers.
-- Strong support for Orom-Cross from Government of Uganda and
specifically Ministry of Mines and Energy. Tenements and licenses
in good standing, relations remain strong.
-- Next milestone for further grant funding from the US
Government Development Finance Corporation is close to completion
and will be announced once funds have cleared.
-- DFS work continuing with activities in four countries,
including Uganda, China, US and Australia. Further environmental
work continues in parallel to infrastructure studies.
-- Downstream processing options which may provide
transformational value opportunities continue to be explored.
A further 600 tonnes of bulk sample graphite was mined at
Orom-Cross in late 2023 in order to provide significantly more
product for commercial scale testing in China, using the same
graphite expert (Jilin) who had successfully completed the testing
on the 100 tonne sample previously. This product will be shipped to
China and testing will be done in 1Q 2024 and the resultant
concentrate will then be further processed to 99.95% purified
product for OEM testing thereafter. This is ultimately expected to
lead to offtake agreements. To date all testing has been extremely
positive and as a result there is plenty of interest in all
Orom-Cross products from various tier one battery off-takers.
The Government of Uganda, and specifically the Ministry of Mines
and Energy, have been very supportive of this latest bulk sample
programme (with representatives in attendance at the time of bulk
sampling) and their backing of Orom-Cross continues at all levels.
All tenements and licenses are in good standing and relations
remain strong.
Blencowe is near to delivering on the next milestone for further
grant funding from the US Government Development Finance
Corporation ("DFC") and this will be announced once funds are
cleared. This remains an important, non-dilutive, source of funding
for project work.
DFS work will continue with activities continuing in four
countries, including Uganda, China, US and Australia. Further
environmental work is also underway and will continue in parallel
to infrastructure studies in-country. Orom-Cross benefits from
substantial key infrastructure already in place near to the
project, including roads, communications and access to
hydro-electric energy from the national grid. Further announcements
in relation to DFS progress will follow as key deliverables are
achieved.
Test work on expandability of purified coarse flake product will
also be finalised in 1Q 2024 with a leading graphite technical
expert in Chicago, USA. This will determine the quality and
characteristics of purified coarse flake end products as opposed to
purified smaller flake products which were successfully tested in
late 2023. Orom-Cross project has a strong mix of both coarse
(+195) and smaller flake (-195) products, all of which are in
demand.
Executive Chairman Cameron Pearce commented: "Blencowe continues
to progress the DFS on a number of key fronts, working towards a
project strategy that ultimately delivers the most value for the
Company. We have a unique value proposition at Orom-Cross, with low
operating costs, low capital costs and high grade of purity for all
end products, which together provide a very compelling case for
this project moving into production ahead of most of its peers. We
will also continue to explore downstream processing options as this
can potentially take Orom-Cross to yet another level and we will
report to market as we progress this. All in all, we envisage an
exciting year ahead as we complete the DFS and move the project
towards a decision to mine."
End of Blencowe Resources PLC announcement
**ENDS**
For further information please visit www.jangadamines.com or
contact:
Jangada Mines plc Brian McMaster (Chairman) Tel: +44 (0)20 7317 6629
Strand Hanson Limited Ritchie Balmer Tel: +44 (0)20 7409 3494
(Nominated & Financial James Spinney
Adviser)
Tavira Securities Jonathan Evans Tel: +44 (0)20 7100 5100
Limited
(Broker)
St Brides Partners Ana Ribeiro jangada@stbridespartners.co.uk
Ltd Isabel de Salis
(Financial PR)
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