IGO suspends annual dividends from Tianqi JV amid market downturn
The JV experienced a build in lithium hydroxide inventory at Kwinana over recent months.
International Graphite Limited (ASX: IG6) has been awarded a A$4.7M ($3.1m) grant from the Australian Government through the national Critical Minerals Development Program administered by the Federal Department of Industry, Science and Resources.
The funds, which are expected to be available from June 1, will help fast-track the integrated mine-to-market graphite supply chain the company is developing in Western Australia, International Graphite said.
Grant funding will be used to advance feasibility studies for the company’s proposed graphite mine at Springdale, and advanced battery anode material manufacturing plant at Collie, as well as construction of a planned graphite micronising facility, also at Collie. The company will contribute to the balance of the funding requirements for those activities over time, it said.
“Australia has set its sights on becoming a critical minerals powerhouse and we are thrilled that the Federal Government has recognised our potential to contribute to that vision, IG6 Managing Director and CEO Andrew Worland said in a press release.
“This grant is an important vote of confidence in our business and confirmation that projects like Springdale and Collie are vital in meeting global decarbonisation targets. p.1
“The world needs new graphite supply. Battery and electric vehicle manufacturers worldwide are searching for new graphite supplies, with high ESG values, to meet the unprecedented demand for batteries.
“By moving from mining to downstream production, we ensure the full value of our natural resources stays here in Australia whilst generating local jobs, supporting regional communities and developing new forward facing industries and minerals processing technologies.
“We are proud to be partnering with both our Federal and State Governments to advance our Western Australian integrated graphite mine-to-market strategy,” Worland said.
