Alba Mineral Resources Share price is rallying on Wednesday after the company said its purification test work on Amitsoq graphite confirms the suitability of Amitsoq graphite for Lithium-Ion Batteries (LIBs).
According to Alba, LIBs are already the fastest-growing market for flake graphite, with massive growth rates forecast for the next decade. Graphite is used as the anode material in lithium-ion batteries, which power electric vehicles and domestic energy storage systems.
The AIM company stated that the graphite content of Amitsoq ore is very high, amongst the highest found in flake graphite deposits globally, and it is possible to produce a >96% graphite concentrate from Amitsoq ore.
Alba has subsequently commissioned ProGraphite to conduct one more test work phase to evaluate the purification behaviour of Amitsoq graphite and confirm whether it is possible to reduce the impurities in the concentrate to typical LIB values.
George Frangeskides, Alba's Executive Chairman, commented: “Our test work programme at Pro Graphite in Germany, which has now concluded, has achieved our objectives.
“We can now move forward with our plans to define a large-tonnage deposit at Amitsoq in the knowledge that our graphite not only has exceptionally high average grades but is also battery-grade material which can be sold into the electric vehicle sector, which is by far the largest growth market for graphite.”
Alba Mineral Resources shares price has made a strong move higher following the news, currently trading at 0.32p, up over 16.3%.
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