EcoGraf (ASX:EGR) secured a life-of-mine special mining license for the Epanko project from the Government of the United Republic of Tanzania on Monday, according to a Tuesday filing with the Australian bourse.
The license, which will last for 25 years, is crucial for financing the first stage of development for the project, including a 73,000 tonnes per annum graphite processing plant, the filing said.
The license will also enable multi-generational operation and expanded production capacity, with plans to define a staged expansion pathway, per the filing.
Shares surged 29% in morning trade Tuesday.
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