Stratmin soars on graphite sales deal

21st Oct 2014 14:40

Shares in Madagascar-focused Stratmin Global Resources soared after the graphite explorer and producer did a five-year sales deal with a major processor of the high-tech material.The stock gained 3.12p or 69.4% to 7.6p as Stratmin said the unidentified merchant had agreed to buy all its production within a pre-determined specification. The buyer also has an option to buy all other material produced by Stratmin on a discretionary basis.Stratmin's managing director Manoli Yannaghas said: "I am delighted to announce this agreement and see it as a significant commercial advance for Stratmin. We have already sold small quantities of product to the buyer and know the business well."