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Montepuez Central


The Montepuez Graphite Project is a proposed mining operation in Mozambique which is approaching production stage. Battery Minerals has completed a Definitive Feasibility Study (DFS), released to the ASX on 15 February 2017, which outlines the project’s highly-favourable economics.


The Montepuez Graphite project consists of three high-grade graphite deposits: the Buffalo, Lion and Elephant prospects.

Each deposit contains large flake graphite which is ideal for creating cost efficient battery grade anode material. The Buffalo and Elephant prospects have been included in the DFS.

The Montepuez Graphite Project is located near the township of Montepuez, which is approximately 200km west of the port of Pemba. The road to port is asphalt-based and suitable for large trucks.


The DFS was commenced in July 2016, with the Battery Minerals technical team delivering the DFS within 8 months.

The scope of the DFS was broad, including infill resource drilling at the Elephant deposit, further resource estimation and classification of the Buffalo and Elephant deposits, Ore Reserve estimation, life of mine planning, process plant infrastructure design and testwork, mine cost estimation and financial modelling, as well as an environmental and social impact assessment.

The Definitive Feasibility Study demonstrates a strong investment opportunity and a brief overview of the DFS figures are available here:

  • Life of Mine[i] – 30 Years
  • Annual concentrate production – 100,000 tonnes
  • Total net revenue – US$ 2,217 million
  • Total EBITDA – US$809 million
  • Establishment capital cost estimate (pre-production) – US$126 million
  • NPV (10% discount rate) before interest, tax and D&A – US$146 million
  • Project payback period years – 4.75


Battery Minerals has published its updated Mineral Resources and Ore Reserves Estimations for the Montepuez Project on 15 February 2017.

  • Elephant deposit – Mineral Resources of 67.20Mt @ 7.5% TGC for 5.1Mt of graphite at a 2.5% TGC cut-off
  • Buffalo Deposit – Mineral Resource: 38.70Mt @ 7.93% TGC for 3.0Mt of graphite at a 2.5% cut-off
  • Ore Reserve estimate for Buffalo and Elephant deposits is 41.4Mt @ 8.80% TGC for 3.64Mt with a cut-off grade of 4% TGC.
  • Ore Resource to Reserve conversion is 86% for Buffalo and 77% for Elephant calculated by contained graphite

The cut-off grade was determined through the application of project unit operating costs and recoveries.

[i] See: Mineral Resources and Ore Reserve update released by the Company to ASX on 15 February 2017