Titan Mining (TSX: TI; NYSE-A: TII), a zinc producer in upstate New York, has commenced graphite concentrate production at its Kilbourne demonstration plant.
The fully permitted 1,200-tonne-per-year pilot complex is now in full operations as the U.S. moves to restart a graphite industry that’s been idle for some seven decades. Titan’s Empire State Mine infrastructure is in St. Lawrence County, about 300 km northwest of state capital Albany.
Titan said it has successfully produced natural flake graphite concentrate and is now transitioning to material for customer and government qualification programs. The company is targeting 40,000 tonnes per year capacity, potentially meeting about half of U.S. graphite demand once fully scaled.
Shares in Titan gained 6.3% to close in $6.74 apiece in Toronto on Monday. They fell 5.6% on Tuesday morning to $6.36 for a market capitalization of $605 million ($444 million).
Financing
Titan expects to have an update in the near term as it advances financing discussions with the U.S. Export-Import Bank about a previously announced letter of interest for a $120-million loan. It would provide long-term, non-dilutive capital funding for the majority of the Kilbourne project’s development, the company said. It’s also engaged with other federal agencies regarding complementary funding solutions.
This production coincides with the Trump administration’s push for domestic mining and mineral processing to reduce reliance on foreign supplies, chiefly from China.
“With Kilbourne now producing, Titan is aligned with the federal government’s clear policy direction: rebuilding secure, end-to-end U.S. supply chains for critical minerals,” Titan CEO Rita Adiani said in a news release.
“The combination of first domestic production and decisive trade and industrial policy action materially de-risks the path to commercial scale.”
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