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Evolution Energy Minerals (ASX:EV1) awards FEED contract for graphite project

ASX News, Materials
ASX:EV1      MCAP $19.33M
20 June 2022 17:07 (AEST)
Evolution Energy Minerals (ASX:EV1) - Executive Director, Michael Bourguignon

Source: Michael Bourguignon/LinkedIn

Evolution Energy Minerals (EV1) has awarded CPC Engineering a front-end engineering design (FEED) contract for its Chilalo graphite project in Tanzania.

The scope of the FEED study includes evaluating opportunities to improve plant design and, optimise and update estimated capital expenditure.

According to the company, CPC has extensive experience in graphite processing and plant commissioning including the commissioning of Syrah Resources’ (SYR) Balama graphite project in Mozambique. It has also completed a number of bankable feasibility studies.

Evolution Executive Director Michael Bourguignon said the FEED study marks a “significant milestone” for the Chilalo graphite project.

“I worked closely with CPC in the development of Syrah’s Balama graphite project and believe that, combined with my own experiences, their considerable insight and learnings will be invaluable to the development of our Chilalo project,” he said.

“We remain firmly focused on bringing Chilalo into production. With a binding offtake agreement for our high-value coarse flake graphite in place and continued engagement with potential financiers, we continue to target a final investment decision towards the end of this year.”

To enhance the company’s project execution team, it has appointed John Clement as its owner’s representative in connection with the FEED. Mr Clement brings over 30 years of experience in the mining and construction industry where he held leadership roles for significant projects.

Evolution Energy Minerals expects the FEED study will be completed by September this year.

EV1 shares were up 3.23 per cent to trade at 32 cents at market close.

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