(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.

#ASXNews#EV1 has engaged Treadstone Resource Partners as strategic & financial advisors.

Treadstone will coordinate & broaden EV1's process of identifying & advancing workflows, securing additional financing for the Chilalo #Graphite Project.https://t.co/zqLtNrP1OA#ASX pic.twitter.com/NzxavRaO84

— Evolution Energy Minerals Limited (@Evolution_EV1) June 4, 2024

“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.