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up the Bass","turning-up-the-bass","article/turning-up-the-bass",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":856,"featured":50,"reporter":857,"_editable":861,"component":862,"seo_title":553,"categories":863,"visibility":870,"author_company":49,"featured_image":871,"seo_description":856,"author_full_name":49,"author_job_title":49,"formattedDate":876,"formattedArticleDate":877},"c0827fa9-90f6-4c3d-b768-d56146d95eaf","2018-06-25 00:00",[],[561],{"slug":562,"name":563,"content":564},"didi-bostock","Didi Bostock",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Editor - Energy Transition & Economics",{"filename":567},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":571,"content":572},"doc",[573,583,588,595,600,605,610,617,622,629,634,640,645,650,655,660,666,671,676,681,687,692,697,702,710,715,720,726,731,736,741,749,754,759,764,769,775,782,787,792,798,803,808,813,820,825,831,836,841,846,851],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577],{"text":578,"type":579,"marks":580},"Benchmark Mineral Intelligence talked with Bass Metals Ltd CEO Tim McManus about its plans for the Graphmada Large Flake Graphite Mine, challenges the company will face, and its outlook on the future of the graphite market.","text",[581],{"type":582},"italic",{"type":574,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":579},"Benchmark Mineral Intelligence: How did the acquisition of the Graphmada flake mine come about?",{"type":574,"attrs":589,"content":590},{"textAlign":49},[591,593],{"text":592,"type":579},"Tim McManus: ",{"text":594,"type":579},"The team at Bass Metals Ltd (Bass) was of the view that late 2015 was an inflexion point in the asset market after a prolonged downturn post the GFC. The Graphmada Mine and surrounding tenure, located in eastern Madagascar, was at around this time introduced via mutual shareholders in both Stratmin Global Resources PLC (Stratmin) and Bass.",{"type":574,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":579},"With the support of Bizzell Capital Partners for an initial investment in late 2015 and after completing subsequent due diligence, Bass entered into a Share Purchase Agreement on a cash and script milestone payment basis. Stratmin had previously purchased Graphmada for A$50m, and had invested more than A$16m in capital in developing the asset. To purchase Graphmada for A$15m in cash and script was considered an attractive deal, considering the asset had been significantly de-risked and would deliver significant value for our shareholders, which has always been our focus.",{"type":574,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":579},"In December 2016, Bass Executive Director Peter Wright opportunistically renegotiated more favourable terms with Stratmin to seize 100% ownership of Graphmada for approximately A$5m, one third of the agreed sale price, and a material discount.",{"type":574,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":579},"Benchmark: Please tell us about Bass Metals and your motives for entering the graphite market.",{"type":574,"attrs":611,"content":612},{"textAlign":49},[613,615],{"text":614,"type":579},"TM: ",{"text":616,"type":579},"The transaction positioned Bass as an immediate global player as Graphmada had established operations, logistics and existing long-term customers in Europe, India and the US.",{"type":574,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":579},"The team quickly came to the conclusion that with the development of the resource inventory, a refurbishment of existing operations to 6,000 tonnes per annum (tpa), and retaining the management team with technical knowledge gained over 4 years of production, that positive cash flow was not only achievable but able to be expanded on to 20,000 tpa, and with a possibility of downstream value adding production.",{"type":574,"attrs":623,"content":624},{"textAlign":49},[625,627],{"text":626,"type":579},"Today, Bass is now established as one of only two ASX listed producers, and one of",{"text":628,"type":579},"only four publicly listed graphite producers globally, a unique and realistic investment for ASX investors in the graphite space.",{"type":574,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":579},"Benchmark: What do you see as the competitive advantage of the Graphmada project compared to other established flake graphite operations?",{"type":574,"attrs":635,"content":636},{"textAlign":49},[637,638],{"text":614,"type":579},{"text":639,"type":579},"Besides being a revenue generating asset in a growth market, Graphmada has a significant amount of established infrastructure, which has proven its production potential and operates with established pathways to market. We know our concentrates are a desirable and a highly saleable product and we have inherited relationships as well as solicited new relationships that continue to confirm the value of our graphite. These relationships with established production and distribution, in my opinion, are a massive advantage above our peers, many without operating assets, in an opaque market.",{"type":574,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":579},"While Graphmada’s flake size and our ability to supply a premium product into traditional markets is our key to cash flow, the company also sees as a significant advantage, when the timing suits us, that we can compete in the ‘new applications’ markets which are developing but aren’t fully matured as yet, such as expandable and battery markets. We have a particular interest in expandable graphite and have received extremely encouraging results as to the applicability of our concentrates.",{"type":574,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":579},"We view hard rock and fine graphite deposits as challenging as they encounter significant hurdles in project economics and material handling issues. Our view was the pathway to success needed to be based on a low capital, low operating cost approach. With established operations and reduced material handling complexities due to our large flake size distribution in easily minable soft ore, we see Graphmada as having significant advantages over other projects in this space.",{"type":574,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":579},"This is all over and above the simple metrics of the mine which has 40-year mining permits in place, a proven cash flow track record, potential for lower operating costs with production expansion, and significant near mine and regional exploration upside in a world-renowned and stable graphite province.",{"type":574,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":579},"Benchmark: Can you give us an update on the Graphmada project and developments to date?",{"type":574,"attrs":661,"content":662},{"textAlign":49},[663,664],{"text":614,"type":579},{"text":665,"type":579},"Bass was pleased to recently announce that it completed the recommissioning of the newly refurbished process plant at the Graphmada, signifying the completion of stage 1 of our strategic goals for the asset.",{"type":574,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":579},"The completion of stage 1 delivers the company’s valued shareholders a 100% owned mine free of debt, with an offtake agreement in place, producing premium large flake graphite concentrates at a time of rising prices.",{"type":574,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":579},"Graphmada is now moving rapidly into the commercial ramp up phase to supply international customers with high value, premium large flake concentrates, with the aim of delivering positive cash flow.",{"type":574,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":579},"Benchmark: What are your plans for the project moving forward?",{"type":574,"attrs":682,"content":683},{"textAlign":49},[684,685],{"text":614,"type":579},{"text":686,"type":579},"With stage 1 complete, the company will continue with its long-stated strategy of expanding production to 20,000 tpa (stage 2), while aggressively drilling the surrounding brownfield mineralisation at Graphmada such as the Mahela Deposit, which is showing a lot of promise.",{"type":574,"attrs":688,"content":689},{"textAlign":49},[690],{"text":691,"type":579},"In addition, Bass is developing a stage 3 strategy to produce expandable graphite products to provide further value from its unique resource at Graphmada.",{"type":574,"attrs":693,"content":694},{"textAlign":49},[695],{"text":696,"type":579},"We are also currently in the field at the highly prospective Millie’s Reward lithium project (Millie’s), in central Madagascar, which has encountered surface samples of up to 7.0% Li2O. In the second half of 2018 we’ll look to begin drilling at Millie’s multiple targets with the aim of announcing a maiden Mineral Resource estimated in accordance with JORC.",{"type":574,"attrs":698,"content":699},{"textAlign":49},[700],{"text":701,"type":579},"Where do you see the major markets for your material as you increase production?",{"type":574,"attrs":703,"content":704},{"textAlign":49},[705,706,708],{"text":614,"type":579},{"text":707,"type":579},"Our aim is not to disrupt markets with surplus tonnes and work with those in the market to provide a consistent quality and volume. We’ll firstly honour the market by supplying refractory and crucible customers, where Graphmada graphite is the benchmark of quality. It’s the largest market segment",{"text":709,"type":579},"and good value can be obtained for our concentrates, especially our +50 and +35 mesh products.",{"type":574,"attrs":711,"content":712},{"textAlign":49},[713],{"text":714,"type":579},"We’ll then look to establish a beachhead in expandable graphite for which our graphite concentrates are highly suitable and if the market is there, sell our finer concentrates into the Battery Anode market sector.",{"type":574,"attrs":716,"content":717},{"textAlign":49},[718],{"text":719,"type":579},"Benchmark: Madagascar is known for its larger flake graphite material. Can you tell us about mining in Madagascar and the challenges/opportunity of operating in this part of the world?",{"type":574,"attrs":721,"content":722},{"textAlign":49},[723,724],{"text":614,"type":579},{"text":725,"type":579},"Madagascar is an island country in the Indian Ocean, off the coast of Southeast Africa, and has been a democracy since 1960. It is governed under a French legal system with a low corporate tax rate of 20% and a low 2% mining royalty.",{"type":574,"attrs":727,"content":728},{"textAlign":49},[729],{"text":730,"type":579},"The country has produced benchmark quality graphite for over 100 years. This is due to the high proportion of high purity, large flake, premium quality graphite in soft, easily minable, saprolitic ore. Therefore, the deposits have low operating costs and extremely low capital costs when compared to other African or Western deposits. The well-developed export infrastructure is also a significant aspect that makes Madagascar attractive.",{"type":574,"attrs":732,"content":733},{"textAlign":49},[734],{"text":735,"type":579},"We’ve got nothing but positive things to say about operating in Madagascar. Our experiences have been, if you respect the culture, provide benefits to those communities in which you operate and demonstrate a high degree of integrity through your actions, you will be successful. But it can be said that this approach is fundamental to mining and exploration in any country.",{"type":574,"attrs":737,"content":738},{"textAlign":49},[739],{"text":740,"type":579},"Benchmark: Many development stage companies in Africa are targeting large scale production capacities. Do you intend to scale up your production to compete with these projects?",{"type":574,"attrs":742,"content":743},{"textAlign":49},[744,745,747],{"text":614,"type":579},{"text":746,"type":579},"Our approach is to meet market demand when the fundamentals begin to show the market is ready for further supply. We have plans for expansion in 2020 to 20,000 tpa (stage 2), which for our concentrate, due to its high purity and flake size, can be absorbed into traditional markets, such as refractories and crucibles. This will see us very profitable",{"text":748,"type":579},"and a desirable partner for stable supply of quality concentrates.",{"type":574,"attrs":750,"content":751},{"textAlign":49},[752],{"text":753,"type":579},"The expandable and battery anode graphite markets are our upside. Which we think is a responsible and prudent approach, as we aim to be cash flow positive for the long term and not focused on a quick spike in share price for the benefit of a few.",{"type":574,"attrs":755,"content":756},{"textAlign":49},[757],{"text":758,"type":579},"With our large flake deposits, with approximately 90% of our graphite being >300 micron insitu, there is always attritioning through mining and processing. With proven production, our final concentrates sales average over 60% at >300 micron with grades of >94% fixed carbon.",{"type":574,"attrs":760,"content":761},{"textAlign":49},[762],{"text":763,"type":579},"If the market determines it requires greater supply of -100 mesh graphite concentrates, for example in the batteries niche, then we’ll have the strategic advantage of altering our processing techniques to meet this demand, so long as the pricing is more attractive. Most of our ASX competitors, however, are confined to compete in the lower value fine graphite market due to their deposits flake size distribution and the natural production attritioning, if they attract enough build capital. We see the fine flake market increasingly looking like it will be well over-supplied for many years. So, our positioning as a significantly de-risked producer of premium large flake concentrates, capable of trading through cycles and spikes in the market.",{"type":574,"attrs":765,"content":766},{"textAlign":49},[767],{"text":768,"type":579},"Benchmark: Can you tell us a little about the challenges that the Graphmada project has found in becoming one of the first new flake graphite mines to enter the market in a generation?",{"type":574,"attrs":770,"content":771},{"textAlign":49},[772,773],{"text":614,"type":579},{"text":774,"type":579},"The main lesson from the mine’s previous 4 years of production, is graphite is not an easy material to process or handle. I think at some stage in our lives we’ve all snapped a pencil! It’s an incredibly soft material. Therefore, the last thing you want to do is not handle it with respect. And most certainly you don’t want the processing challenge of liberating graphite from hard rock with explosives and crushing.",{"type":574,"attrs":776,"content":777},{"textAlign":49},[778,780],{"text":779,"type":579},"So, at Graphmada, being a soft and easily minable ore, we’re fortunate that we can approach the material handling challenge of mining graphite with care and attention. In this respect, we avoid the biggest challenge",{"text":781,"type":579},"to any graphite miner; flake size degradation.",{"type":574,"attrs":783,"content":784},{"textAlign":49},[785],{"text":786,"type":579},"We’ve proven we can produce at good recoveries a high value product. So really our biggest challenge is consistency, hence the refurbishment of the process plant and the installation of the right types of equipment such as reliable generators. When you build or refurbish a plant, consistent production from reliable equipment is your number one focus, other than the people who will operate it safely.",{"type":574,"attrs":788,"content":789},{"textAlign":49},[790],{"text":791,"type":579},"Benchmark: Where do you see the graphite market going moving forward and how will Bass Metals position itself to best exploit these developments?",{"type":574,"attrs":793,"content":794},{"textAlign":49},[795,796],{"text":614,"type":579},{"text":797,"type":579},"We feel that smaller flake concentrates will be challenging for some time, whilst cognizant of the quantum shift in demand over the next decade for these concentrates we see new supply largely balancing this.",{"type":574,"attrs":799,"content":800},{"textAlign":49},[801],{"text":802,"type":579},"Our large flake size in-situ, and in subsequent concentrates, lends itself to more traditional applications, which despite equity markets abiding interest in all things, lithium ion batteries deliver superior pricing.",{"type":574,"attrs":804,"content":805},{"textAlign":49},[806],{"text":807,"type":579},"Beyond traditional applications there are two obvious areas of growth; battery anode and expandable graphite. The expandable sector is of deep interest to Bass and is emerging the logical stage 3 at Graphmada or to be built in conjunction with Graphmada’s expansion. We have had outstanding results returned for the suitability of our ore for expandability, it’s very exciting. Of real interest to Bass is the growth projections for expandable graphite. We see this as the logical pathway forward for Bass concentrates, with the market in expandables potentially outstripping demand for graphite in the battery anode sector.",{"type":574,"attrs":809,"content":810},{"textAlign":49},[811],{"text":812,"type":579},"I believe the market has some way to go before recovering in the lower micron sized concentrates. We’ve seen some lower pricing, especially with the removal of the 20% export tax out of China. In contrast the large flake concentrates are selling well and there is significant demand, so pricing is either holding or increasing depending on the market you’re selling into. The demand for the larger flake graphite is growing, in our opinion.",{"type":574,"attrs":814,"content":815},{"textAlign":49},[816,818],{"text":817,"type":579},"I often relate large flake graphite to metallurgical coal – they are both rare resources over shadowed by their lower",{"text":819,"type":579},"quality counterparts in fine graphite and thermal coal respectively. This scarcity is recognised by those in the industry and this will see some interesting discussions as deposit quality drops off in Brazil and Bass Metals remains as one of only two producers from Madagascar.",{"type":574,"attrs":821,"content":822},{"textAlign":49},[823],{"text":824,"type":579},"Benchmark: What are the main benefits that Bass Metals will bring to the Graphmada project?",{"type":574,"attrs":826,"content":827},{"textAlign":49},[828,829],{"text":614,"type":579},{"text":830,"type":579},"The main benefit is our focus as a team to deliver, as we are all mining professionals with many year’s experience and are all highly invested both emotionally and financially. We will get the results we seek because we know what we’re doing, we’ve done it before and our primary motivation of building value for our shareholders is aligned with building value for ourselves and our families, who are also shareholders. Having such a supportive and highly engaged shareholder base backing us, gives those who work everyday on improving Graphmada a large source of confidence that we are all heading in the right direction together.",{"type":574,"attrs":832,"content":833},{"textAlign":49},[834],{"text":835,"type":579},"In addition to inheriting the asset we inherited some excellent staff with significant processing knowhow, whom are all dedicated to seeing the mine, and company, become successful.",{"type":574,"attrs":837,"content":838},{"textAlign":49},[839],{"text":840,"type":579},"As such, we have been proactive in retaining these important members of our team through the issue of shares to both Madagascan and expat staff, as we want our employees to treat the asset as their own.",{"type":574,"attrs":842,"content":843},{"textAlign":49},[844],{"text":845,"type":579},"We also had a view from the outset that community engagement would be absolutely critical to Bass’ pathway forward and subsequently spend considerable time and resources in the local and regional communities delivering a variety of projects in education, health and local economic opportunities.",{"type":574,"attrs":847,"content":848},{"textAlign":49},[849],{"text":850,"type":579},"We set out to build an industrial minerals company of scale over 5- 7 years.",{"type":574,"attrs":852,"content":853},{"textAlign":49},[854],{"text":855,"type":579},"Whilst we are pleased with the delivery of stage 1 the strategy is to carefully move to a much larger company and take shareholders, our employees and the local community with us.","Benchmark Mineral Intelligence talked with Bass Metals Ltd CEO Tim McManus about its plans for the Graphmada Large Flake Graphite Mine, challenges the company will face, and its outlook on the future of the graphite market. Benchmark Mineral Intelligence: How did the acquisition of the Graphmada flake mine come about? Tim McManus: The team at […]",[858],{"slug":562,"name":563,"content":859},{"job_title":565,"image":860,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c0827fa9-90f6-4c3d-b768-d56146d95eaf\", \"id\": \"\"}-->","article",[864,867],{"slug":865,"name":866},"batteries","Batteries",{"slug":868,"name":869},"critical-minerals","Critical Minerals","private",{"id":49,"alt":872,"name":872,"focus":872,"title":872,"source":872,"filename":873,"copyright":872,"fieldtype":874,"meta_data":875,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/258136cf35/bm-mcmanus-2-1.jpg","asset",{"alt":872,"title":872,"source":872,"copyright":872},"Jun 25, 2018","25th June 2018",[],[],1792688598355]