London-listed Blencowe Resources has started with a definitive feasibility study (DFS) on the Orom-Cross graphite project, in Uganda.
The company is in a process of selecting an experienced independent engineering firm to manage and sign off on the DFS.
Blencowe published a prefeasibility study in July, which states the project has a net present value of $482-million and an internal rate of return of 49%.
The DFS marks the last step prior to the board making a decision to mine.
The company is also assembling a management advisory team to assist with all key aspects of the DFS and its successful delivery, including plant design, engineering, infrastructure, mining, operations, sales, marketing, environmental and social aspects.
The team will comprise resource executives with considerable experience in delivering projects through to production in Africa, particularly graphite projects.
Meanwhile, Blencowe plans to do more metallurgical testwork on the project next year, as part of the DFS, to test the expandability, spheroidization and spherical graphite purification properties of the project.