- Over the third quarter, EcoGraf (EGR) further progressed the development of its battery anode facility in Perth, Western Australia
- Earlier this year, EcoGraf submitted development and works approvals for the construction and operation of the anode material facility
- The company is expecting to achieve operational commissioning in the first half of 2023
- Cash at the end of the quarter was $48.1 million
- EcoGraf shares are in the grey and trading at 49 cents per share
Over the third quarter, EcoGraf (EGR) has further progressed the development of its battery anode facility in Perth, Western Australia.
The company is building the processing facility in the Kwinana-Rockingham Strategic Industrial Zone to export graphite products to Asia, Europe and North America.
This facility will be the first of its kind to be constructed outside of China, providing a new supply for the growing lithium-ion battery market.
Earlier this year, EcoGraf submitted development and works approvals for the construction and operation of the anode material facility.
EcoGraf is expecting to achieve operational commissioning in the first half of 2023.
During the third quarter, the company received approval for a loan of up to US$40 million (A$56 million) by the Australian Government.
The loan comes under the $2 billion Australian Government Critical Minerals Facility.
EcoGraf said it has begun preparing for initial site works, including earthworks, pads, drainage facilities, access roads and installation of underground electrical, gas, water and sewerage services.
Cash at the end of the quarter was $48.1 million.
Epanko
Also over the third quarter, the company focused on its Epanko graphite project in Tanzania.
Extensive work has been undertaken at Epanko to establish a development ready new graphite mine. This work includes a bankable feasibility study, mining licence and environment approvals, and independent engineer’s review.
Over the period, the company partnered with Vermeer Equipment Suppliers to explore low emission mining methods for Epanko.
Specifically, the companies will evaluate whether Vermeer’s surface mining equipment is suitable to mine, load and haul Epanko ore to reduce environmental impacts.
EcoGraf is continuing to meet with the Tanzania’s Government to discuss arrangements for development of the Epanko project and the proposed framework agreement for the government’s 16 per cent participation in the project.
Innogy demerger
In March, EcoGraf announced its plans to separately list its wholly-owned subsidiary nickel-focused battery minerals company, Innogy, on the ASX.
EcoGraf said the demerger of Innogy gives its shareholders an opportunity for “unique” exposure to both anode and cathode battery minerals required by a global battery market.
On the market this afternoon, EcoGraf shares were in the grey and trading at 49 cents per share at 1:52pm AEST.