Evolution Energy Minerals Ltd (ASX:EV1) has appointed a new managing director, with Phil Hoskins taking up the position effective immediately.
EV1 has been hard at work restructuring its management team and Hoskin’s appointment is a nod to his intimate understanding of the company’s Chilalo Graphite Project in Tanzania.
Hoskins has been involved with the project since it was first drilled in 2014.
The Chilalo Project hosts a high-grade mineral resource of 20.1 million tonnes at 9.9% total graphitic carbon (TGC) for 1.991 million tonnes of contained graphite, with EV1 committed to supplying sustainable graphite solutions for the global green economy and in doing so, create the first net zero carbon graphite mine.
A DFS confirmed the opportunity to produce high-quality flake graphite at Chilalo and EV1 intends to apply Chilalo flake graphite to downstream processing to produce battery anode material, expandable graphite, micronised graphite and graphite foil.
“The Chilalo Project is an advanced quality asset that is supported by a team with considerable graphite marketing, financing and project delivery experience,” Hoskins said.
“Chilalo is strongly positioned for development, and I look forward to working alongside Trevor as we drive towards a construction decision by July 2022.”
Trevor Benson moves from executive chair to non-executive chair.
Construction decision coming
Hoskins will apply his 10 years’ plus experience and knowledge operating in Tanzania to EV1’s upcoming work program.
The new MD has extensive knowledge of the graphite market and well-established relationships with end users of graphite material.
EV1’s key focus is now on completing the multiple work streams required to allow for a construction decision by H2 2022. These include:
- Developing a project finance solution with the support of cornerstone investor ARCH Sustainable Resources Fund LP – a specialist investment advisory firm with deep experience in emerging markets, private equity, asset management, ESG matters and has significant project finance expertise and the capacity to access funding required for the development of Chilalo.
- Concluding an agreement with the Government of Tanzania that provides the framework for the GoT’s 16% free carried interest and other key factors that are fundamental to the development of Chilalo. EV1 is especially encouraged by the willingness of the GoT to readily engage with Evolution on the establishment of such an agreement and is heartened by the recent announcements of various arrangements between the GoT and minerals companies operating in Tanzania. The GoT has demonstrated its support for the development of minerals projects and appears to be committed to repositioning Tanzania as a favourable investment destination.
- Negotiation of offtake agreements for the sale of Chilalo graphite concentrate and downstream products such as micronised graphite and expandable graphite. Through the extensive work on marketing and sales completed as part of the definitive feasibility study, the Company has well developed relationships with customers and engagement with those customers to put in place binding sales arrangements is a priority in the coming months.
Michael Bourguignon, Evolution’s executive director, technical, will continue to manage project development, on the ground activities in Tanzania and implementation of the company’s environmental, social and governance program.