ASX-listed Battery Minerals has appointed development capital adviser ThirdWay Africa to assist in securing financing for the Montepuez graphite project, in Mozambique.

MD Jeremy Sinclair on Thursday told shareholders that ThirdWay had extensive experience and networks which would be made available to the company as part of the project funding process.

The Stage 1, 50 000 t/y project is expected to require some $42-million of financing.

In parallel with the appointment of ThirdWay, Battery Minerals has also implemented a cost reduction strategy to ensure the company remains funded throughout the project financing process.

The cost reduction exercise, which started in May, has reduced ongoing overheads while not impacting the company’s ability to complete the project funding.

“We are fully committed to completing funding for Montepuez, and therefore we have ensured that the cost reduction measures have no impact in this area. Until the project is funded, the company will only incur development and exploration expenditure where necessary.

“All costs have been examined, and in most cases reduced, to ensure our cash is put to the very best use during the project financing process.

The cost reduction measures have included a restructure of the Battery Minerals board, reducing the number of directors from six to three. The board now includes Sinclair and two other nonexecutive directors.