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  • Ceylon Graphite (TSXV:CYL) subsidiary, Sarcon Development, has made its first sale of graphite to the South Korean market
  • Seoul-based company, Elves Graphite, bought 300 kilograms of vein graphite, with a carbon content of 95 to 97 per cent
  • Ceylon Graphite’s K1 mine in Sri Lanka entered commercial production in late 2019, with exploration continuing at other selected sites 
  • The South Korean company purchased the graphite to assess its suitability for a number of applications in the region
  • Ceylon Graphite (CYL) is down 3.45 per cent and is currently trading at $0.14 per share

Ceylon Graphite (TSXV:CYL) subsidiary, Sarcon Development, has made its first sale of graphite to the South Korean market.

Elves Graphite, a company based in Seoul, South Korea, paid for 300 kilograms of Sarcon’s vein graphite. The graphite has a carbon content of 95 to 97 per cent. 

The buyer purchased the graphite in order to assess its suitability for a number of applications in South Korea.

High-grade graphite has uses in numerous manufacturing processes and industries, especially in the growing market of graphene applications.

In particular, graphite is an ideal material for battery manufacturers. When upgraded to battery-grade graphite, it has applications in lithium ion batteries.

Sarcon Development’s shipment of graphite is expected to ship to South Korea immediately.

Ceylon Graphite’s CEO, Bharat Parashar, said that Korea is a large market for high-purity graphite.

“We believe that our graphite is ideally suited to meet the high standards of the South Korean lithium ion battery and hi-tech industry, and will be attractive to the Chaebols. 

“We hope we will see sizeable orders shortly,” he said.

As its name suggests, Ceylon Graphite sources its product from graphite mines in Sri Lanka, once known as Ceylon. Graphite in Sri Lanka is some of the purest in the world, and comes at a low production cost.

Ceylon Graphite’s K1 mine in Sri Lanka started commercial production in December 2019, with exploration continuing at other selected sites. Its subsidiary, Sarcon Development, controls 121 grids in Sri Lanka.

Ceylon Graphite (CYL) is down 3.45 per cent and trading at $0.14 per share at 1:49pm EDT.

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