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Graphite One shares jump as Alaska mine named key infrastructure project


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Graphite One shares jump as Alaska mine named key infrastructure project

Graphite One Resources Inc. shares jumped by over 15% in Toronto on April 4 after the company announced that its Graphite Creek project located near Nome, Alaska, was included in the state's "significant potential development and infrastructure projects."

Graphite Creek was among the projects Alaska's state geologist, Steve Masterman, introduced in a written testimony to the U.S. Senate Energy and Natural Resources Committee during a March 30 hearing.

According to the release, Graphite Creek is the largest graphite deposit in the U.S. and could supply the nation's graphite needs for decades. It added that natural graphite is a "supply critical mineral" and there is no domestic production.

The company also said it was exploring opportunities to locate a graphite reprocessing facility in Alaska, "which, with infrastructure and financing support, would be an additional boost for local employment and economics."

A January preliminary economic assessment for the integrated Graphite One manufacturing project indicated a pretax net present value of US$1.04 billion, at a 10% discount rate, and an internal rate of return of 27%.

The project will require total CapEx of US$363 million for mining operations, a processing plant, a manufacturing plant and other infrastructure.