Australian energy company is expected to produce battery graphite material
Renascor Resources of Australia confirmed that it has raised 15 million Australian dollars (11.6 million U.S. dollars) to fund its Siviour battery anode material project until the construction stage. This project will be the world's first integrated mine and purified spherical graphite business outside my country. Purified spherical graphite is a key component of lithium-ion batteries, which is why as the global demand wave begins to reach its peak, a few companies around the world are racing to become the first batch of manufacturers outside of our country. South Australian company Renascor Resources seems to have taken the lead in this competition. It announced that it has raised enough funds to advance its Siviour battery anode material project to the construction stage, which is scheduled to begin in 2022. The 15 million Australian dollars (11.6 million U.S. dollars) fundraising was led by institutional investors in Australia and overseas. The company said in a statement to the Australian Securities Exchange that their financial commitments will provide funds for the completion of all technical, regulatory and marketing workflows, as the company is working to reach a final investment decision on the Siviour project. Renascor's Siviour project is a vertically integrated battery anode material manufacturing business located in South Australia. It includes the A$118 million Siviour graphite mine and beneficiation plant on the Eyre Peninsula. It also includes a purified spherical graphite (PSG) production facility valued at A$90 million in Port Adelaide. The company sits on the world's second largest proven graphite reserves and the largest graphite reserves outside of Africa. It will be able to manufacture graphite concentrate at the lowest cost in the world, compete with the current production in our country, and have more advantages than other developments outside of our country. There are also some other companies scrambling to participate, all of them are pinning their hopes on the diversified demand for the supply chain of purified spherical graphite outside of our country. Norway, Sweden and Germany have all joined the ranks, and Australian startup InternationalGraphite is also working hard to develop. Neil Rinaldi, CEO of International Graphite, believes that increased production will drive demand. He said: 'If there is our space, there will be others' space. I think the development of this industry will benefit more participants.'