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- Renescor Resources (RNU) receives conditional approval from the Australian Government for a $185 million loan facility to fund its Siviour Graphite project in South Australia.
- The loan was approved under the Australian Government’s $2 billion Critical Mineral Facility and is subject to a number of conditions
- The company believes the loan facility will assist it to become a world leader in the sustainable production of 100 per cent Australian-made advanced graphite product
- Renescor plans for $204 million in capital expenditure which will be used for its Siviour Graphite Deposit and for a processing facility
- Shares are charging 19.8 per cent higher this morning at 28.8 cents each
Renescor Resources (RNU) has announced the Australian Government, through Export Finance Australia (EFA), has conditionally approved a $185 million loan facility to fund its Siviour Graphite project in South Australia.
The loan was approved under the Australian Government’s $2 billion Critical Mineral Facility.
It is subject to a number of conditions, which will result in a final investment decision later this year.
The Facility was created in order to assist the development of Australian critical minerals projects and to secure the vital supplies of resources needed to drive the new energy economy and support the resources jobs of the future.
Renescor’s Siviour Graphite project was previously granted Major Project status by the Australian Government.
This recognises its potential to contribute to Australia’s Critical Mineral Strategy and Resource Technology and Critical Mineral Processing National Manufacturing Priority Roadmap.
The company believes the loan facility will assist it to become a world leader in the sustainable production of 100 per cent Australian-made advanced graphite products for use in lithium-ion batteries, which will fuel development for electric vehicles.
It plans for $204 million in capital expenditure which will be used for its Siviour Graphite Deposit and a processing facility to manufacture Purified Spherical Graphite through Renascor’s eco-friendly purification process.
The Loan Facility is subject to a number of restrictions that are common for project financings of this type or are otherwise required under the Critical Minerals Facility, such as completion of full due diligence to the satisfaction of EFA.
Shares are charging 19.8 per cent higher this morning at 28.8 cents each at 11.00 am AEDT.
