International Graphite Ltd (ASX:IG6) has secured yet more government funding for its integrated graphite supply strategy, netting a further $4 million from the Western Australian Government Investment Attraction Fund.
The funding will support IG6’s ambitions to develop an integrated mine-to-market battery-grade graphite supply chain within Australian shores, sourcing bulk samples from the flagship Springdale Graphite Project to be processed at the Collie Processing and Research and Development facility.
The grant brings the total government support for the project to $17.2 million, having used just $5 million to date with another $12.2 million to be drawn on.
Reliable sovereign supply
“We are grateful for the ongoing support we have received from the WA Government which recognises the importance of backing new industries to create jobs and support a clean energy future,” International Graphite managing director and CEO Andrew Worland said.
“This grant acknowledges the critical importance of building a reliable, sovereign supply of battery graphite materials as quickly as possible and the opportunities this opens for WA to attract trade and investment from international markets.
“The grant will fund essential activities that will help propel our mine to markets strategy through feasibility to commercialisation.”
Investors have welcomed the news with shares as much as 22.92% higher to $0.059.
IG6 intends to use the funding to:
- Extract bulk samples of ore from Springdale, the second-largest graphite deposit in Australia
- Generate graphite concentrate product
- Acquire and install a demonstration-scale spheroidising plant in the Collie facility