- Renascor Resources (ASX:RNU) enters an agreement to acquire the land hosting the Siviour graphite deposit in South Australia
- The acquisition is to expedite development and construction, aligning with projected global shortages of graphite concentrates
- Renascor aims to provide new supply sources amidst China’s graphite export restrictions
- Renascor Resources last traded at 14.3 cents
Renascor Resources (ASX:RNU) has entered an agreement to acquire the land hosting the Siviour graphite deposit in South Australia.
Through its subsidiary, Ausmin Development, Renascor has entered a definitive agreement to acquire the proposed site for the upstream portion of its BAM project.
The South Australian Department of Energy and Mining’s prior approval of the Program for Environment Protection and Rehabilitation (PEPR) for the graphite mine and processing plant on ML 6495 authorises Renascor to process up to 1.65 million tonnes per annum, enabling the production of 150,000 tonnes of graphite concentrates per year.
“The land acquisition agreement announced today continues our successful collaboration with the Siviour family, the long-standing owners of the freehold land hosting the world-class Siviour Graphite Deposit,” Renascor Managing Director David Christensen said.
The acquisition is poised to expedite on-ground preparatory works and the transition from development to construction, aligning with Renascor’s strategy to address forecasted near-term shortages of graphite concentrates globally.
With the agreement now finalised, the completion is expected in January 2024, funded from Renascor’s existing cash reserves.
Renascor Resources last traded at 14.3 cents.