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In a significant development, Australian-headquartered EcoGraf Limited (ASX:EGR) has successfully changed its name from Kibaran Resources Limited. The name was changed in line with company’s wholly owned subsidiary. following the regulatory approval, and overwhelming support received from shareholders at the Annual General Meeting held on 29th November 2019.
The new name offers clear brand recognition in potential markets throughout Asia and Europe, especially in the production of anode materials for lithium-ion batteries, within the sphere of the global investment underway to shift towards clean renewable energy for industrial and vehicle applications.
In addition to the new name, the Company announced its new ASX code - EGR, and its new website - www.ecograf.com.au. Moreover, the Company notified that the trading in the Company’s shares on the Frankfurt Stock Exchange remains unchanged.
EcoGraf’s Two Highly Attractive Graphite Businesses
The Company has spent around six years and invested more than USD 25 million to create two extremely attractive graphite businesses that will enable it to serve its prospective and existing customers across Asia and Europe.
The Company is building vertically integrated businesses namely EcoGraf and TANZGraphite for the manufacture of battery graphite for the lithium-ion market. TANZGraphite business is led by a development ready natural flake graphite project in East Africa - the Epanko Graphite Project. In Tanzania, the Company has undertaken massive exploration, mine planning, feasibility and community development activities to make Epanko ready for the development in the last six years.
Source: Company’s Presentation (12th December 2019)
EcoGraf proposes the establishment of a processing plant in Kwinana, Western Australia to manufacture spherical graphite (SpG), employing a new environmentally benign process to market to lithium-ion battery producers directly.
The Company is progressing well with the pre-development activities for the production of a manufacturing facility in Kwinana. Within the framework of pre-development activities, EcoGraf has recently updated on the benchmarking feedstock programme and the ongoing confirmation testwork for the proposed production facility.
EcoGraf notified that the debt financing, construction planning and product sales arrangements for its new West Australian EcoGraf manufacturing facility are progressing on schedule. The Company is expected to finalise the testwork shortly and proceeding as planned for a Final Investment Decision for the production facility in mid-2020.
EcoGraf Tapping Significant Opportunities
EcoGraf has a favorable market outlook ahead as the demand for battery (spherical) graphite is likely to improve substantially throughout the world, with an expected increase in demand for lithium-ion batteries.
Currently, natural (spherical) graphite used in battery anode is only sourced from China, which uses hydrofluoric (HF) acid (a toxic chemical) to achieve 99.95 per cent Carbon. Hubei and Shandong are the largest producing areas and are increasingly subject to environmental regulation.
Automobile and lithium-ion battery producers in South Korea, Japan and Europe are searching for an alternative environmentally benign battery graphite supplier to control environmental impacts and lessen their dependence on China.
EcoGraf’s non-HF method is both cost competitive and ecological compared to Chinese products. The Company intends to become a prominent supplier of environmentally sound graphite to the fast-paced battery and electric vehicle (EV) industry.
The new name of the company (EcoGraf) clearly signifies its approach to become a preferred partner for the supply of high quality, responsibly produced battery (spherical) and natural flake graphite products over the long-term.
EGR last traded at $0.080 on 23 December 2019.
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