International Graphite Ltd has inked a financial assistance agreement with the Western Australian Government under the Collie Industrial Transition Fund, securing $2 million in funding.
The funding forms part of a $6.5 million grant announced in April last year, to be applied over two years for various feasibility activities, including metallurgical test work, flowsheet development and plant design.
Results will inform the technical, environmental and financial feasibility of producing Western Australian mine-to-market battery anode materials in a purpose-built facility at Collie.
The grant funding will be available for drawdown if and when the company completed the agreed activities during the funding term, to match IG6’s expenditure.
Funding certainty for feasibility studies
“Once again we voice our appreciation for the leadership the State Government is showing in the development of critical minerals and downstream processing initiatives in Western Australia,” International Graphite managing director and CEO Andrew Worland said.
“With all of our grants now contracted, we have a level of funding certainty for feasibility activities across our Springdale and Collie mine-to-market business plan.
“We expect, subject to the imminent completion of the Front End Engineering and Design Study, that stage 1 of the Collie Micronising Facility will be fully funded to mechanical completion.”
IG6 intends to feed the Collie battery anode facility with graphite from the flagship Springdale Graphite Project, currently the second largest in Australia (and among the largest in the world) with a mineral resource estimate of 49.3 million tonnes at 6.5% total graphitic content (TGC).
The resource has outsized potential to grow further, with only 10% of the tenement area and 20% of identified exploration targets explored to date.