Mining firm Volt Resources has appointed the investment bank Exotix Capital to arrange a bond issuance, in order to raise $30 million for its Bunyu graphite project, in Tanzania. The operation’s proceeds will be used to finance the first phase of development of this project which is to enter production in 2018.

“We are happy to be working on such an important project with Volt to support Tanzania’s growth as a major producer and exporter of natural graphite amid increasing demand for the mineral,” said Duncan Wales, CEO Exotix.

Upon entering production, the Bunyu project should deliver 20,000 tons of graphite every year.