KEARNEY – Ontario Graphite Ltd. is hoping to have the graphite mine near Kearney active and operational by 2018.
Company CEO Tom Burkett, who has spent the last three years attempting to reopen the mine, which last produced ore in 1994, believes they are on the cusp of restarting production at the site.
“It is a very capital intensive and regulatory intensive process to get everything moving in the right direction,” said Burkett, who has been trying to round up the necessary capital to fund the start-up.
While four investors have dumped more than $60 million into the project to date, Burkett says the company is still $50 to $55 million away from their fundraising goal. He hopes to see those funds collected by the end of 2016, which would put them on track to open come 2018.
“It will take nine to 12 months from when we get the rest of the funds to get up and running,” said Burkett.