09:14 AM EDT, 05/01/2024 (MT Newswires) -- Ceylon Graphite ( CYLYF ) said that after a delay, its M1 mine license in Sri Lanka has been renewed.

The delay in the renewal was due to changes in the licensing process, requirements and personnel, the company said, adding that it does not anticipate any further delays in licensing. Ceylon Graphite ( CYLYF ) intends to apply for license shortly which will allow high volume production and sales.

Graphite mining and removal of material via the mine shaft will re-commence immediately, with separation of high-grade graphite taking place on site. Construction will begin shortly on an incline tunnel that will allow for rail access, significantly increasing the volume of material that can be moved daily.

M1 graphite is consistently above 90% carbon allowing for direct sales without further processing, the company said. Ceylon Graphite ( CYLYF ) anticipates building a graphite processing plant at the M1site to process the graphite to 99%+.