Operational Graphite Production Commences
Adelaide, June 16, 2015 AEST (ABN Newswire) - Valence Industries (
ASX:VXL) (VLQCF:OTCMKTS) is pleased to announce it has commenced operational graphite production at its Uley Graphite(TM) site in South Australia. The Company is planning for flake graphite production rates, quality and consistency to increase progressively over the coming weeks to the nameplate capacity of 14,000 tpa from September 2015.
This development is part of the plant-commissioning program, and is in line with the regulatory approval received last week for modifications to process water systems. Transport of graphite from the Uley Graphite(TM) site to Port Adelaide is planned to commence during June 2015, with shipments under existing contracts to customers in Europe and the Asia Pacific region to commence shortly thereafter.
The Company's current rights issue to raise up to $9.4 million is scheduled to close on 25 June 2015. The Company's debt facilities for the expansion are progressing as planned to meet the conditions precedent and are not dependent on the outcomes of the rights issue.
Shareholders with any questions regarding the rights issue, including obtaining replacement documentation can contact Jarek Kopias, Company Secretary on +61-8-8215-6400 or please visit the Valence Industries website at http://www.valenceindustries.com.
About Valence Industries Ltd
Valence Industries Limited (ASX:VXL) is an industrial manufacturing company producing high grade flake graphite products for distribution and sale to global markets. Valence Industries owns established processing facilities and infrastructure to manufacture a wide range of graphite product lines for multiple applications and multiple industries. Valence Industries produces and sells its graphite products from its Uley Graphite facilities in regional South Australia for delivery to diversified markets for graphite in the Asia Pacific, Europe and North America. Visit Valence Industries
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