Kibaran Resources has completed an updated bankable feasibility study (BFS) and associated environmental and social planning for its wholly owned Epanko Graphite project in Tanzania.

The BFS has indicated that the increased production rate of 60,000tpa will require a capital investment of $88.9m.

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It further projected that the project will have an internal rate of return of 38.9%, and earnings before interest, taxes, depreciation and amortisation (EBITDA) of $44.5m. 

Kibaran Resources managing director Andrew Spinks said: "This detailed updated feasibility study shows that Epanko is a world-class graphite project in every respect. 

"The outstanding quality of the deposit underpins the project’s extremely robust economics, demonstrated by the strong alliance the project has managed to secure with a range of German industrial groups.

“Passing this milestone was the key catalyst to advance debt financing and allows Kibaran and its sales partners, industry groups and private equity groups that have previously expressed interest, to commence project financing discussions in detail."

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"This detailed updated feasibility study shows that Epanko is a world-class graphite project in every respect."

A debt financing programme has started under the leadership of Germany’s KfW IPEX-Bank, while the company is also working through assessment processes with South Africa-based Nedbank and Australia’s Export Finance and Insurance (EFIC).

In addition, Kibaran is negotiating with several strategic equity investors. 

According to the company, the negotiation rounds with the financial institutions and other investors will allow it to complete all project requirements, as well as obtain debt financing facilities.

Separately, Kibaran is working on a feasibility study on the production of battery grade spherical graphite, with the study expected to be completed in the third quarter of this year.

Image: Epanko location plan. Photo: courtesy of Kibaran Resources.