Stratmin reports a wholly owned subsidiary, Stratmin Graphite, will form a partnership with the unnamed company. The new partner, which will act as project operator, will contribute $19,750,000 to the venture, which will allow Stratmin to pay off its bank loans.
Stratmin placed its St-Aime-du-Lac-des-Iles open pit graphite project into production in February. While the company completes construction of a mill at the site, it has been trucking material 30 miles south to a milling facility leased from Asbury Graphite Mills. Asbury had been operating the mill on a seasonal basis, treating material from its own small deposit in the area.
The new mill and the Asbury mill (which Stratmin will continue to lease) will allow Stratmin and its new partner to treat about 1,550 tons of material per day.
In other news, Eduard Thalman, executive vice-president of the chemical group Lonza Ltd., will replace Jean-Jacques Treyvaud on Stratmin’s 7-member board of directors.
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