Graphinex secures a billion dollars for QLD graphene project

Graphinex has won $1.32 billion (US$ 860m) in funding from the U.S. for its Esmeralda Graphite Project and processing plant in Queensland.

It secured a Letter of Interest from the Export-Import Bank of the United States (EXIM) for the critical mineral that is used to make anodes in EV batteries.

“This is a pivotal moment for Graphinex and a strong signal from Washington DC that graphite matters,” Graphinex Managing Director Art Malone said.

“The US has made it clear that secure supply chains for critical minerals are essential to advanced manufacturing and defence capability.

“This financing milestone provides the momentum needed to accelerate development, lock in downstream partnerships, and create a secure and scalable pathway for high-quality and reliable graphite supply into the U.S. market.”

The proposed graphite mine will be built near Croyden, in North-West Queensland, while the processing plant will be constructed in Townsville. The development of these two projects are expected to create up to 100 jobs during construction and about 113 at peak operations.

It is forecast to produce around 25 million tonnes of graphite concentrate over the life of the operation.

Earlier this month, EXIM announced a Letter of Interest of up to $S $122 million for Latrobe Magnesium’s operation, which produces magnesium oxides.