(Ecofin Agency) - Battery Minerals announced last May 15 a A$20 million fundraising to advance its Montepuez graphite project in Mozambique, through a two tranche placement of 333.33 million shares at 6c each.

CEO David Flanagan said that the fundraising,which had been oversubscribed, marks another step towards “starting production and generating cash flow from the Montepuez project”.

Specifically, the fund will be used to continue the “already welladvanced” construction in Montepuez where commissioning is expected for the first quater of 2019.

During the project’s phase I, Battery Minerals plans to annually produce between 45,000 and 50,000 tons of graphite. This volume will subsequently increase to 100,000 tons/year.

Louis-Nino Kansoun