Applied Graphite Technology Corporation (AGT) has strategically acquired the past-producing Queen's Mine in Sri Lanka, a move set to enhance its graphite production capabilities. This acquisition integrates the Queen's Mine into AGT's Queens Mine Complex, located centrally among the company's existing Dodangaslanda Graphite Properties. The mine, known for its high-grade graphite veins, previously operated at a production rate of 20 tonnes per month. AGT aims to significantly increase this output to 3,000 tonnes annually.
The discovery of at least six graphite veins within the Queen's Mine, with a combined width of 25 meters and individual veins up to 0.4 meters thick, highlights the substantial reserves available. AGT's CEO, Don Baxter, emphasized the potential of these findings to bolster the company's position in the graphite market. Over the next three to six months, AGT will focus on securing exploration licenses, a crucial step towards obtaining mining rights and avoiding the need for negotiations with landowners. Baxter is optimistic about the swift acquisition of a mining license, which would fast-track the company's production timeline.
Baxter also commented on the improved regulatory environment in Sri Lanka, noting positive changes in governmental procedures and support. The presence of motivated officials within the Bureau of Mines, who are keen on expediting processes, is seen as a favorable development for AGT's operations in the country. This acquisition not only underscores AGT's commitment to expanding its graphite production but also reflects the growing importance of Sri Lanka as a key player in the global graphite market. For more information on AGT's projects, visit https://www.appliedgraphite.com.
