International Graphite receives $6.5m grant

ASX-listed International Graphite has received an additional $6.5 million grant from the state government to accelerate progress on its downstream processing operations in Collie. 

The Andrew Worland-led company - which announced the wet commissioning of its new micronising plant on February 12 - said the funding, currently subject to a signed formal agreement in coming weeks, would be distributed across three key pillars.

North Perth-based International will put $4.5 million of the state government's funding towards advancing the company's aim to establish a 4,000 tonnes per annum graphite micronising operation, along with the design of its downstream battery anode facilities. 

The remaining $2 million will be set aside for mine-to-market battery anode feasibility study, coupled with capital towards the processing of graphite concentrate feed from its Springdale graphite project, located further south in Hopetoun. 

“The grants are designed to encourage innovation in three areas: green manufacturing, minerals processing, and energy intensive or future clean energy initiatives," International chair Phil Hearse said.

"International Graphite’s operations support all three, making our project an extremely good fit with the government’s priorities for the industry and the region.”

Presently, International has received $8.5 million from the state government for its graphite micronising plant, along with an additional $4.7 million in federal funding.

Premier Roger Cook said International Graphite would play a big role in securing Collie's long-term economic future, as the town began its transition away from coal. 

"Global demand for battery materials is soaring, and Collie will be home to a nation-leading battery materials production facility, ensuring the town remains a vital part of our energy future," he said. 

"Importantly, this project will create quality, long-term industrial jobs in the heart of Collie, helping to diversify the local economy and supporting the town's transition away from coal.

"We're backing Collie's future, creating local jobs and delivering a strong economy for generations to come."

International last traded at 14 cents per share.