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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.