Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Armadale Capital Plc (ACP)

  Print      Mail a friend       Annual reports

Friday 21 April, 2017

Armadale Capital Plc

Excellent Test Results for Mahenge Liandu Graph...

Excellent Test Results for Mahenge Liandu Graphite Concentrate

Armadale Capital Plc

Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company

21 April 2017

Armadale Capital Plc (‘Armadale’ or ‘the Company’)

Excellent Test Results for Mahenge Liandu Graphite Concentrate

Armadale, the AIM quoted investment company focused on natural resource projects in Africa, is pleased to announce that test work results received from graphite concentrate samples underpin the commercial viability of graphite mineralisation at the Mahenge Liandu Project in Tanzania (‘the Project’). The results of the test work confirm the expandability of the graphite mineralisation at the Project, which increases the range of potential commercial applications, including the highly prospective battery market. The Project has a high-grade JORC compliant inferred mineral resource estimate of 40.9Mt @ 9.41% Total Graphitic Content (‘TGC’), of which at least 32Mt has an average grade of 10.47% TGC.


  • Test work conducted in Germany has returned encouraging results with expansion up to 480 cm³/g
  • All size fractions above 75 µm showing expandability over 170 cm³/g
  • Results underpin the Project’s ability to produce high quality, commercial graphite concentrates which should be suitable for a number of applications
  • Ongoing test work to upgrade the purity of the graphite is underway
  • Preparations for a 2,500m diamond and Reverse Circulation drill programme are well advanced with drilling expected to commence in early May 2017 – the drilling programme is intended to expand the size of the resource and enhance the category to Indicated

Nick Johansen, Director of Armadale said, “We continue to make excellent progress in proving up the commercial viability of Mahenge Liandu and this test work marks another step in the right direction. With expansion of up to 480 cm³/g achieved, we are pleased to confirm that our graphite concentrate is suitable for use in the expandable graphite market for all size fractions above 75 µm which is a significant achievement given that a recent 10kg sample contained over 92% of graphite 75 µm and above in size. Our focus is now on proving up the purity of the concentrate and building upon the resource size and quality. With this in mind we look forward to updating the market on our upcoming drill programme in due course.”

Further Information

Initial expandability test work was conducted on a 150g sample of graphite concentrates from the Mahenge Liandu Project. The results show encouraging expandability, especially in the larger size fractions including 480 cm³/g > 500 µm, 420 cm³/g for > 500 µm and 380 cm³/g> 180 µm. The results for all size fractions are shown in Table 1 below at two different temperatures that were used.

Table 1 Results of expandability test work at 800 °C and 1000 °C

Flake Size (µm)   Expansion Volume at 800 °C   Expansion Volume at 1000 °C
> 500 µm 440 cm³/g 480 cm³/g
> 300 µm 370 cm³/g 420 cm³/g
> 180 µm 300 cm³/g 380 cm³/g
> 106 µm 210 cm³/g 230 cm³/g
> 75 µm 165 cm³/g 170 cm³/g
< 75 mesh   115 cm³/g

Expandable Graphite

Expandable graphite is made by heating graphite concentrates to cause the graphite crystals to split into graphene layers into an expanded or “fluffy” form. The expanded graphite is then rolled into continuous sheets which have excellent conductivity and thermal dissipation properties.

Expandable graphite is essential in the manufacture of:

  • Graphite foils used in electronics products for heat dissipation
  • Graphite foil used in high-temperature applications such as gaskets and thermal barriers
  • Thermal insulation with flame retardant properties
  • Fire retardant paints

The graphite concentrate used to produce the expandable graphite was primarily medium to large flake with 85.2 % in the >106 µm. The flake size distribution is shown in Table 2 below;

Table 2 Flake size distribution of graphite concentrate used in the test work

Size fraction (µm)   Size fraction %
> 500 9.80%
> 300 15.50%
> 180 35.10%
> 106 24.80%
> 75 6.40%
< 75 8.40%


Initial test work continues to indicate the Mahenge Liandu Project is capable of producing high quality graphite concentrates. A more detailed metallurgical test work programme will be conducted as part of the upcoming exploration programme.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.


For further information please visit or contact:

Armadale Capital Plc

Nick Johansen

+44 20 7236 1177
Nomad and broker: finnCap Ltd

Christopher Raggett / Simon Hicks

+44 20 7220 0500
Joint Broker: Beaufort Securities Limited

Jon Belliss

+44 20 7382 8300
Press Relations: St Brides Partners Ltd

Susie Geliher / Charlotte Page

+44 20 7236 1177


Armadale Capital Plc is focused on investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors in Africa. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth businesses where it can take an active role in their advancement.

The Company owns the Mahenge Liandu graphite project in south-east Tanzania, which is now its main focus. The Project is located in a highly prospective region with a high-grade JORC compliant inferred mineral resource estimate of 40.9Mt @ 9.41% TGC. At least 32Mt of this resource has an average grade of 10.47% TGC, one of the largest high-grade resources in Tanzania, and work to date has demonstrated Mahenge Liandu’s potential as a commercially viable deposit with significant tonnage, high-grade coarse flake and near surface mineralisation (implying a low strip ratio) contained within one contiguous ore body.

Other assets Armadale has an interest in include the Mpokoto Gold project in the Democratic Republic of Congo and a portfolio of quoted investments.

a d v e r t i s e m e n t