Renascor Resources Limited (ASX: RNU) has welcomed the Commonwealth and South Australian Governments’ commitment to the $1.08 billion State Energy and Emissions Reduction Deal.
The Bilateral Agreement includes $400 million in funding for investment in priority areas such as carbon capture and storage, electric vehicles, hydrogen and other emissions reduction projects in South Australia.
Renascor believes its Siviour Project fits well within many of the Bilateral Agreement’s key policy objectives supporting the next wave of technologies in the new energy economy.
The Siviour Project, located in South Australia, comprises the Siviour Graphite Mine and Concentrator and the downstream 28,000tpa (Stage 1) PSG production facility. As a response to increasing inbound enquires from major anode manufacturers, Renascor is considering an expansion to its Stage 1 PSG production capacity, as well as an expanded Stage 2 PSG capacity.
Managing Director, David Christensen, said the Siviour Project is underpinned by Renascor’s 100%-owned Siviour graphite deposit in South Australia, the largest reported Ore Reserve of Graphite outside of Africa, and the second largest Proven Reserve in the world5.
He added that the Siviour Project, which is targeted to be the first integrated in-country mine and battery anode material operation outside of China, exhibits strong clean energy credentials that have helped attract in principle financial support from Australia’s Clean Energy Finance Corporation (CEFC), an Australian Government backed clean energy technology financier.
According to Renascor, it will be among the world’s lowest cost producers of an important value-added graphite product (PSG), a critical mineral that is fundamental to the growth of the electric vehicle and renewable energy / battery storage industries.
“Further, the Siviour Project will create skilled jobs in critical minerals downstream processing in South Australia, in a rapidly-growing global clean industry.”
The commitment of the Governments towards security of energy supply in South Australia, and the targeted investment in priority areas, provides Renascor additional confidence in our strategy of integrating our world-class Siviour graphite mine and concentrator with a downstream PSG manufacturing facility,” Mr Christensen said.
“Our ability to locate our operations entirely within South Australia will provide security of supply and lead to the creation of higher value manufacturing jobs and the capture of downstream value through the production of PSG for sale directly into the electric vehicle raw material supply chain.
“We believe that the Siviour integrated project fits well within many of the Government’s key policy and industry objectives. The Siviour Project is a first for Australia. Indeed, it will be the first integrated in-country mine and battery anode material operation outside of China.
“The Siviour Project will be among the world’s lowest cost producers of an important value-added graphite product (PSG), a critical mineral that is fundamental to the growth of the electric vehicle and renewable energy / battery storage industries.
“And importantly, the Siviour Project will create skilled jobs in critical minerals downstream processing in South Australia, in a rapidly-growing global clean industry.”
