African mine project investor Armadale Capital said the mine design for the Mahenge Liandu graphite project in Tanzania was now being finalised following a site visit by the project engineer.

The mine's design would be optimised to ensure high-grade areas were targeted first, ensuring stronger cashflow generation in the early years of production, the company said.

Meetings had been undertaken with mining contractors, third-party suppliers and logistics operators to ensure a seamless route to transport graphite concentrate to port, it added.

'Over the past six months, significant progress has been made defining a high-grade resource, completing memorandums of understanding and progressing the commercialisation strategy,' director Nick Johansen said.

'With our funding position now secure, the board is delighted to continue progressing Armadale's ongoing transition from explorer to emerging producer.'


At 1:35pm: (LON:ACP) Armadale Capital PLC share price was +0.05p at 3p