Ceylon Graphite Corp (CVE:CYL) (OTC:CYLYF) (FRA:CCY) announced Tuesday that it has developed and published best in class environmental, sustainability and governance (ESG) standards in an effort to establish itself as a global leader in ESG for all innovative graphite companies globally.
The company said it enjoys many natural advantages and has a commitment to establish new standards in the industry to protect the planet. The goal is to become a market leader in the space and become an attractive target for socially responsible investment (SRI).
Ceylon Graphite has committed to no open pit mining, and by virtue of its high-quality, low-cost vein graphite resources, said there is no need. The company also believes that certified renewable energy should be used in all operations.
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The company noted that its operations in Sri Lanka offer energy advantages, including efficient solar, wind or mini-hydro (run of river hydro). The group said it will support these technologies through investment in renewable energy credits and direct use of these technologies as they are available.
Additionally, Ceylon said its graphite requires no primary upgrading being naturally greater than 90% purity, so there is not a need for an additional industrial process for primary upgrading, which is common in markets such as North America with lower grade natural graphite
For any future upgrading, Ceylon said it won’t use environmentally harmful materials. Many forms of final upgrading to get graphite to battery-grade material require chemical processing, which leaves toxic waste. Ceylon only plans to use environmentally friendly processes to achieve the 99.95%-plus purity necessary for some markets, with no acid leaching.
“The leadership team at Ceylon Graphite has made a clear commitment to set the highest standards for ESG in our operations at all levels and to be accountable to our investors to meet those standards,” CEO Bharat Parashar said in a statement. “Our team has a history in environmental and sustainability leadership and our Board has been clear in its commitment.”
Sasha Jacob, a Ceylon founder and strategic advisor, is currently the board chair of Nature United, which is the Canadian arm of The Nature Conservancy. He previously sat on the board of Plan International Canada and was vice-chair on the board of World Wildlife Fund. Ceylon board members have a history in the development and promotion of low-carbon technologies and environmentally sustainable processing, the company said.
“We believe that the supporters and developers of clean energy technologies along with their customers will expect thorough mine to manufacturer traceability and will demand the most environmentally friendly products,” Parashar added. “This includes both the direct environmental impact of mining and processing methods as well as the total carbon footprint from mine to battery manufacturer. We aim to provide customers as well as investors with the comfort of working with a global leader in this regard.”
Ceylon is exploring forms of accreditation that will ensure that its graphite is recognized for its unique environmental advantages and the company’s commitment to help Sri Lanka work toward the United Nations’ 17 Sustainable Development Goals (SDGs).
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