Renascor Resources and Queensland Pacific Metals (QPM) are the latest recipients of grants through the Federal Government’s International Partnerships in Critical Minerals program.
Renascor Resources received $5 million for its planned vertically integrated battery anode material graphite mine and manufacturing operation.
QPM has been working with government and key stakeholders to secure independent funding to advance its TECH Project. The company said this $8M grant represents a significant step toward achieving this outcome.
Receipt of the grant is subject to matched funding and an agreed project scope.
QPM has made significant strides in de-risking the TECH Project. The final commercial validation stage involves test work, piloting and engineering to produce a high-quality bankable feasibility study (BFS).
Funds received under this grant will be applied towards completion of this project validation work.
In line with the company’s strategic focus on growing its energy business, the matching funding required to support this grant will be independently sourced. Discussions with commercial partners and the Queensland Government to secure these funds are ongoing.
It is QPM’s continuing intention that expenditure on the TECH Project will be sourced from independent, external parties and will not impact the company’s gas and energy business. This could take the form of joint venture, a separate entity owning the TECH Project or other commercial structure.
QPM’s Non-Executive Director, Dr Stephen Grocott, said, “We are grateful to the Australian Federal Government for their support through the International Partnerships in Critical Minerals program. This grant is a testament to the attractiveness of the TECH Project for high quality, excellent ESG battery materials production.”
The grant awarded to Renascor will co-fund up to 49.9 per cent of the capital cost of a $10 million demonstration processing plant that will produce battery-grade purified spherical graphite (PSG) for use in lithium-ion battery anodes.
The PSG demonstration facility, which will process graphite concentrates from Renascor’s 100 per cent-owned Siviour Graphite Deposit in South Australia, will incorporate previously completed design work undertaken as part of Renascor’s definitive feasibility level battery anode material study completed in August 2023. It is intended to demonstrate the commercial viability of Renascor’s eco-friendly, hydrofluoric acid-free.
Renascor’s Managing Director, David Christensen, said, “The award of this grant recognises the strategic significance of the Siviour Battery Anode Material Project and its potential to become a long-term producer of Purified Spherical Graphite for the lithium-ion battery sector.
“With this grant funding, we will now be able to build upon the significant work already completed on our downstream processing designs and further demonstrate that our eco-friendly, Hf-free purification technology can deliver a globally competitive PSG production operation.
“Renascor thanks both the Australian Government and our international partners, POSCO International and Hanwa Co Ltd for their support in helping to unlock critical minerals processing capability in Australia.”
Federal Resources Minister, Madeleine King, said the grants supported the government’s Critical Minerals Strategy and Future Made in Australia agenda.
“These grants will help to create high-paying jobs for Australian workers and mean more value is added to our critical minerals industry,” Ms King said.
“We have a rich endowment of the critical minerals required for renewable energy technologies and our strategy will ensure Australia is well-positioned to provide these resources as the world transitions to net zero.
“The road to net zero runs through Australia’s resources sector.”
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