StratMin's shares soar as it reaches final hurdle for graphite project

Shares in AIM-listed StratMin Global Resources soared nearly 17% on Monday, as the resource and commodity investment company announced it had received the final regulatory permission needed for its Madagascar graphite project.

The company received an environmental permit from the Madagascar government for the Tirupati Venture Vatomaina graphite project, which is the 98% owned subsidiary of Tirupati Resources Mauritius, a joint venture between the company and Tirupati Carbons & Chemicals Private, a manufacturer and supplier of natural crystalline graphite.

Chief executive Brett Boynton said: "The joint venture partners are progressing the Vatomaina project at a steady pace and we are very happy with the progress being made by the in-country team. With this final regulatory requirement now in hand, we can move into on-site development.

“The current hydro studies are of particular interest as initial assessment indicates potential for hydroelectric power production which could significantly improve project economics by supplementing diesel power generation with clean, low cost hydro-power."

At the Vatomaina site, which has a 12,000 tonne per year large flake high grade graphite mine and processing facility, topographic and hydrogeological studies are currently being carried out and once finished, an infrastructure development programme will start.

Shares in StratMin Global Resources were up 16.92% to 1.90p at 1348 BST.