Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Mining

Graphite: Evolution Seeks Funds to Develop First Mine in Africa

Thursday, 06 June 2024 15:32
Graphite: Evolution Seeks Funds to Develop First Mine in Africa

(Ecofin Agency) - Australia's Evolution Energy Minerals is developing the Chilalo graphite project in Tanzania, which is expected to produce 52,000 tonnes of graphite concentrate annually for 17 years. The project requires an initial investment of $120 million.

Evolution Energy Minerals picked Treadstone Resource Partners as a financial advisor to develop the Chilalo graphite project. The company announced the partnership on June 4, stating that Treadstone will help it secure strategic financing for its first graphite mine in Africa.

“Following recent changes in the global graphite and anode supply chain(...)The Company has seen increased inbound interest from strategic investors,” Evolution’s Chief Executive Officer, Phil Hoskins, said. 

Evolution Energy Minerals currently seeks $120 million to develop the Chilalo graphite project in Tanzania. The company plans to borrow part of the money and get the remainder from a strategic partner.

Once the funds are secured and the mine is built, Tanzania will be on its way to meet the 2023 forecasts of Benchmark Mineral Intelligence. According to the London-based research firm, the East African country should supply over 10% of the world’s graphite production by 2030.

The Chilalo project has the potential to deliver 52,000 tonnes of graphite concentrate annually over a mine life of 17 years.

Graphite is a critical material for electric vehicle batteries.

 





 
Finance


 
Telecom


 
Public Management



ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

AGENCE ECOFIN
Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

EDITORIAL TEAM
redaction@agenceecofin.com

ADVERTISING SALES
Benjamin FLAUX
bf@agenceecofin.com
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72

 

Please publish modules in offcanvas position.