Don Baxter, CEO of Applied Graphite Technologies Corporation (AGT), recently announced the successful acquisition of the past-producing Queen’s Mine in Sri Lanka. The mine is strategically located between AGT’s Dodangaslanda Graphite Properties and will be integrated into the Queens Mine Complex.
The Queens Mine has a history of extracting high-grade graphite veins at a rate of 20 tonnes per month, with plans to increase production to 3,000 tonnes per year. Adits on the property provide access to underground workings that have exposed at least six graphite veins, spanning a total width of 25 meters with vein thickness varying up to 0.4 meters.
Baxter expressed confidence in the regulatory environment in Sri Lanka, citing improvements in governmental procedures and support. He noted the presence of motivated individuals within the Bureau of Mines working towards streamlining processes. Over the next three to six months, AGT’s focus will be on finalizing exploration licenses, which are crucial for securing mining rights and avoiding negotiations with landowners. This process is expected to lead quickly to obtaining a mining license and moving the company into production.
For more information about AGT and its acquisition of the Queens Mine, contact Proactive North America at +1 604-688-8158 or NA-editorial@proactiveinvestors.com
