Applied Graphite Technology Corporation (AGT) has announced a strategic expansion of its graphite mining operations in Sri Lanka through the acquisition of the past-producing Queens Mine. This move is set to enhance AGT's production capabilities by integrating the Queens Mine into its existing Dodangaslanda Graphite Properties, creating the Queens Mine Complex. The acquisition underscores AGT's commitment to leveraging Sri Lanka's rich mineral resources to meet the growing global demand for graphite, a critical material in energy storage and electronics industries.
In a recent discussion, AGT's CEO Don Baxter shared insights into the company's ambitious plans for the Queens Mine. Historically, the mine extracted high-grade graphite at a rate of 20 tonnes per month. AGT aims to significantly increase this output to 3,000 tonnes annually. Exploration activities have already identified six graphite veins with a combined width of 25 meters, including veins up to 0.4 meters thick, indicating substantial potential for scaled-up production.
The next phase for AGT involves securing exploration licenses over the next three to six months, a critical step towards obtaining full mining rights and avoiding the need for negotiations with landowners. Baxter expressed optimism about the regulatory environment in Sri Lanka, citing the Bureau of Mines' commitment to expediting processes. This favorable regulatory backdrop, combined with AGT's strategic initiatives, positions the company for rapid advancement towards production.
This expansion is timely, as the global demand for graphite continues to rise, driven by its essential role in lithium-ion batteries and other high-tech applications. AGT's enhanced production capacity at the Queens Mine Complex is poised to contribute significantly to the supply chain, offering a reliable source of high-grade graphite. For more information on AGT's operations and the significance of graphite in modern industries, visit https://www.appliedgraphite.com.
The acquisition of the Queens Mine not only marks a milestone in AGT's growth strategy but also highlights the potential of Sri Lanka's mining sector to play a pivotal role in the global graphite market. With a clear path to increased production and a supportive regulatory framework, AGT is well-equipped to meet the challenges and opportunities of the evolving energy and technology landscapes.
