AUSTRALIAN FIRM ANNOUNCES HUGE GRAPHITE DISCOVERY IN MOZAMBIQUE

Australian mining company Mustang Resources Limited has announced the discovery of high-grade graphite at its Caula project in the northern Mozambican province of Cabo Delgado.

According to a media statement issued by the Australian Securities Exchange-listed company, “spectacular grades of up to 26 per cent Total Graphitic Carbon demonstrate potential for Caula to become a low-cost supplier to the lithium battery industry”.

The cores from the drilling programme are being sent to Perth in Australia for testing and will be used to estimate the deposit’s reserves in line with the Australian code for reporting mineral resources.

Mustang has observed that the graphite deposit contains large flakes, and it will carry out a comprehensive analysis to confirm this finding.

Graphite is a form of carbon which is highly valued because of its properties as a conductor of electricity. It is used in batteries and fuel cells and is the basis for the “miracle material” graphene, which is the strongest material ever measured, with vast potential for use in the electronics industries. Graphite is also used for high-quality steel production.

Following the announcement, the company’s share price jumped by almost 10 per cent on the Australian Stock Exchange (ASX).

Source: NAM NEWS NETWORK