Energizer Resources (TSE:EGZ)(OTCQX:ENZR) has appointed certified mine manager Robin Borley as its senior VP of mine development, as the company continues to advance its Molo graphite project in Madagascar.
"We look forward to getting Robin 'on board' and together our team will work diligently to advance the Molo Project in 2014 and deliver on our promises to shareholders," said CEO Richard Schler.
Borley, who will oversee all matters related to development of the flagship project as it moves toward mine construction and production, will also become a director of the company, effective December 1.
"We are extremely pleased that Robin has chosen to join our Energizer team as it significantly strengthens our company not only from a mine engineering and technical perspective but also from the management side of the business."
Borley, with more than 25 years of international mining experience, has held senior management positions both Internationally and within the South African mining industry, most recenty serving as mining director for DRA Mineral Projects, which is Energizer's engineering and construction contractor.
He also, for a period of six years until 2012, participated in the BEE management buyout transaction of the Optimum Colliery mining property from BHP, through its listing and ultimate sale to Glencore last December.
Energizer also took note of the fact that Borley recently completed a bankable feasibility study (BFS) for the Sakoa coal field project in Madagascar, while he was the COO of Red Island Minerals. The Molo deposit is located just 30 km away from Sakoa.
"Having Robin involved from the 'ground floor' of the BFS and mine development process will ensure that we complete the mine build on time and on budget," said Energizer chairman Peter Harder.
"His experience will be invaluable as we strive to achieve our stated goal of designing and building an operational mine by 2016 with the overriding objective of being a low cost producer of graphite concentrate products."
Energizer has been moving at lightning speed to bring to production its Molo deposit, a project that is considered to be one of the largest graphite assets in the world. In the short span of one week in October, the graphite development company announced three significant milestones that move it along considerably in the process of achieving its end goal. Energizer unveiled the start up of its pilot plant operations, signed a preliminary deal with Cat Financial for potential project financing and acquired 100% ownership of the project.
Its shares also jumped earlier this month after the company confirmed ultra-high purity graphite at Molo, of greater than 99.9% carbon using advanced chemical analysis methods. The company used glow discharge mass spectrometry (GDMS) analysis on purified graphite concentrate from the property, one of the most advanced methods available to analyze purity levels of a large number of elements for commerical purposes.
The Molo deposit is located strategically in the centre of the key graphite demand markets, which include China, India, South Korea and Japan. A preliminary economic report on the asset estimated a pre-tax net present value of $421 million at a discount rate of 10%, with a 48% internal rate of return. Capital costs were pegged at $162 million, with a three-year payback period.