A mining company has received a $185 million conditional loan from the federal government to mine what it says is the "world's second largest graphite deposit", as Australia strives to become a global player in critical minerals.The loan will go towards a project near Arno Bay on SA's Eyre PeninsulaThe loan, to Renascor Resources Limited, will almost completely cover the cost of the company's $205 million graphite project on South Australia's Eyre Peninsula.
Renascor's managing director David Christensen said the project would help the nation to enhance its renewable energy capabilities. "At a time of booming global demand for smartphones, electric vehicles and other technologies, this commitment from the Australian government positions Australia strongly into the future in the critical minerals sector," he said.Renascor's loan is conditional on a range of assessments, including environmental studies and approvals from both the South Australian and federal governments.
"At that stage we would hope to meet whatever conditions we have with the Australian government as the lender, then we build the facility, then we start producing."Renascor anticipates the time frame will be accelerated by the shortage of raw materials for electric vehicle production, and therefore heightened demand.
SA Resources Minister Dan Van Holst Pellekaan said he was "very optimistic" that approval would be forthcoming. In its initial phase, the project is expected to produce 28,000 tonnes of purified spherical graphite and employ at least 200 people.
If graphite is in such demand, why does this project need government support? Wouldn't capital markets be backing it? More importantly, why isn't asking this question of the LNP? As such great economic managers, they'll have no problems answering.
I suppose we are going to export the stuff so we can buy the batteries back from China later instead of developing a battery production facility in SA?
And again people are being mislead Electric vehic ok es are not the answer Hydrogen fuel cell cars are. Longer range, quicker refueling and not charged from coal power.
How long before we see these coal fire powered electric cars?
Yep, once in production, let's ship it off to China to 'value-add'. Absolutely brilliant, DanTehanWannon. 🙃 You & your LNP colleagues from the top down are bereft of vision.
𝐈'𝐦 𝐧𝐨t 𝐞𝐱𝐩𝐞𝐫𝐭 𝐢𝐧 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐛𝐮𝐭 𝐬𝐨𝐟𝐚𝐫 𝐈'𝐯𝐞 𝐦𝐚𝐝𝐞 $3,850 𝐰𝐢𝐭𝐡 𝐚𝐧 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐨𝐟 $500 𝐈 𝐡𝐚𝐝 𝐠𝐨𝐨𝐝 𝐠𝐮𝐢𝐝𝐚𝐧𝐜𝐞 Morris_Huxley 𝐡𝐢𝐬 𝐭𝐞𝐚𝐜𝐡𝐢𝐧𝐠𝐬 𝐚𝐧𝐝 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐬𝐤𝐢𝐥𝐥 𝐢𝐬 𝐛𝐞𝐲𝐨𝐧𝐝 𝐞𝐲𝐞 𝐨𝐩𝐞𝐧𝐢𝐧
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