- Renascor Resources (RNU) has welcomed the Federal Government’s support of its Siviour graphite deposit in South Australia
- The government announced Siviour was one of two critical mineral projects in the state it had selected as part of its critical minerals road map
- The road map essentially sets out key areas of opportunity where government and industry could boost manufacturing and critical minerals processing
- RNU’s deposit in South Australia contains the largest reported graphite ore reserve outside of Africa and the wider project is capable of producing 28,000 tonnes per annum of purified spherical graphite
- Following the Government’s support, Renascor is planning to apply for a slice of the $1.3 billion of grant funding available
- However, the company noted that Siviour being recognised as an important project doesn’t guarantee funding will be handed over
- Shares in RNU are up 2.94 per cent trading at 7 cents per share
Renascor Resources (RNU) has welcomed the Federal Government’s support of its Siviour graphite deposit in South Australia.
Siviour plays host to the largest reported graphite ore reserve outside of Africa and the second largest reserve in the world.
RNU’s wider project in the state is also capable of the downstream production of 28,000 tonnes per annum of purified spherical graphite in stage one alone.
In a recent announcement, the government labelled Siviour as one of two critical mineral projects in the state that it had selected to support through its critical minerals road map.
This road map essentially sets out key areas of opportunity where government and industry could boost manufacturing and critical minerals processing.
It also feeds into the government’s recently created $1.3 billion manufacturing fund, which is open to a range of different businesses.
Following Siviour being recognised as a key project, Renascor confirmed it is planning to apply for a slice of the grant funding.
But, the company noted that there was no guarantee it would be selected —even though Siviour has been identified as a selected critical minerals project.
“The commitment of the Australian Government to the downstream processing of critical minerals in Australia provides Renascor additional confidence in our strategy of integrating our world-class Siviour Graphite mine and concentrator with a downstream PSG manufacturing facility,” MD David Christensen said.
“Renascor is uniquely advantaged by virtue of our globally competitive, Tier One Siviour Graphite Deposit and our location in Australia,” David added.
“We believe that these factors combine to permit Renascor to provide security of supply, to create higher-value manufacturing jobs and to capture downstream value in Australia through the production of PSG for sale directly into the electric vehicle raw material supply chain,” the Managing Director explained.
Shares in Renascor Resources are up 2.94 per cent trading at 7 cents per share at 2:02 pm AEDT.