Blencowe Resources Shares Rise on Ugandan Approval for Export Permit
January 11 2023 - 3:42AM
Dow Jones News
By Joe Hoppe
Blencowe Resources PLC shares rose Wednesday after the company
said it has received Uganda's government approval for a one-off
permit to export bulk sample graphite from its Orom-Cross
project.
Shares at 0901 GMT were up 0.4 pence, or 9.3%, at 4.7 pence.
The London-listed mining company said the Ugandan Ministry of
Energy and Mineral Development approved the export of materials
from the project to test facilities in China, to enable final bulk
metallurgical test work to be undertaken in 2023.
Ugandan law doesn't allow for the export of unprocessed raw
materials, making this a landmark decision for the government,
Blencowe said.
The export permits for 100 metric tons of bulk raw ore materials
and 400 liters of local groundwater, a representative bulk sample
from the initial five years of production. The sample will be used
to assess metallurgical process on a commercial scale, to maximize
the grade, recovery and flake size from the project.
"This bulk sample trial is significant as a precursor that
ultimately leads us to a full offtake agreement, which in turn
would enable us to kick start production with a critical mass of
product sold to drive profitability and cash flow," Executive
Chairman Cameron Pearce said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
January 11, 2023 04:27 ET (09:27 GMT)
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