- Renascor Resources (RNU) announces an MRE update for its Siviour graphite project in South Australia
- It is confirmed as the largest reported total ore reserve of graphite outside of Africa and the second largest in the world
- It contains proven reserves at 16.8Mt at 8.2 per cent TGC for 1.4Mt of contained graphite
- Renascor used its recently finished BAM Study as a basis for the updated MRE
- Shares in RNU were up 6.9 per cent, trading at 15.5 cents at market close
Renascor Resources (RNU) has announced an update to the mineral resource estimate (MRE) for its Siviour project in South Australia, confirming it as the largest reported ore reserve of graphite outside Africa.
Additionally, it represents the second-largest proven reserve of graphite in the world.
The company’s update boosted total reserves by 13 per cent, to go along with an eight per cent rise in proven reserves.
Proven reserves stand at 16.8 million tonnes (Mt) at 8.2 per cent total graphitic carbon (TGC) for 1.4Mt of contained graphite.
Probable reserves comprise 45Mt at 6.6 per cent TGC for 3Mt of contained graphite.
Total reserves total 61.8Mt at seven per cent TGC for 4.3Mt of contained graphite.
“These results confirm Siviour’s status as amongst the most significant graphite deposits in the world, as underscored by our recently completed battery anode material study that delivered a globally competitive estimated operating cost for producing purified spherical graphite from Siviour,” RNU Managing Director David Christensen said.
The increase in total reserves and proven reserves provides RNU with additional confidence in the size and quality of its Siviour deposit supportive of a 40-year life of mine (LOM).
The updated MRE also provides the potential for a graphite concentrate operating cost of US$405 ($A625) per tonne over the first 10 years and US$472 ($A728.62) per tonne over the 40 years.
Shares in RNU were up 5.17 per cent, trading at 15.3 cents at market close.