-- Northern Graphite (NGC.V) on Thursday said istarted work to relocate a processing plant in Namibia to the Okanjande mine site as it advances plans to restart production in late 2027.
The company awarded a contract to Rotary Engineering Services, based in Namibia, to dismantle the remaining plant infrastructure at the former Okorusu site and transport it to the Okanjande mine site for reassembly. Work is expected to be completed by the end of June.
"It puts us on a clear path toward supplying our planned joint venture BAM facility in Yanbu, Kingdom of Saudi Arabia, which is targeted for initial production in 2028, supporting Northern's broader mine-to-battery strategy," said Chief Executive Hugues Jacquemin.
The Okanjande operation is currently on care and maintenance, with a targeted restart of production in late 2027, subject to financing, it said. Graphite produced from Okanjande is expected to supply both traditional industrial markets, including refractory applications for steelmaking, heat management in electronics, and friction products for the automotive sector, as well as the growing national security and battery materials markets.
Shares of the company were last seen up $0.015 to $0.165 on the TSX Venture Exchange.
Price: $0.17, Change: $+0.02, Percent Change: +10.00%