Epanko Debt Financing Update
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EQS-News: EcoGraf Limited
/ Key word(s): Financing
Epanko Debt Financing Update Positive UFK Preliminary Review Decision EcoGraf Limited (ASX: EGR; FSE: FMK; OTCQB: ECGFF) is pleased to announce that it has received notification regarding the Preliminary Review of the German Government Inter-Ministerial Committee (IMC) relating to import cover for the proposed loan of up to US$105 million for the development of the Epanko Graphite Project (Epanko or the Project). HIGHLIGHTS:
Following examination of the detailed application submitted by EcoGraf, the IMC has provided non-binding confirmation that the Epanko Graphite Project is in principle eligible for cover under the Untied Loan Guarantee Scheme (UFK) from the Federal Republic of Germany and that an expert opinion on the Project and proposed financing arrangements is now required to obtain Preliminary Approval for a binding offer of cover. Managing Director Andrew Spinks commented “the positive outcome of the Preliminary Review is a key milestone in our Epanko financing program and our team is focussed on completing the remaining Project planning activities to support the submission for Preliminary Approval for UFK cover, positioning our world class Epanko Graphite Project for development”. EcoGraf has mandated KfW IPEX-Bank to undertake advisory, structuring and arranging services The UFK program is provided by the Federal Republic of Germany via credit insurer Euler Hermes A key requirement of the UFK program is the promotion of the highest environmental and social construction and operating standards. Epanko’s social and environmental planning programs are being developed to comply with the Equator Principles, a globally recognised risk management framework adopted by leading financial institutions for assessing and managing social and environmental risks in new developments. Achieving this standard and satisfying International Finance Corporation Performance Standards and World Bank Group Environmental, Health and Safety Guidelines is critical to securing international financing support for the new development and reflects EcoGraf’s commitment to ensuring the highest level of Environmental, Social and Governance construction and operating standards.
This announcement is authorised for release by Andrew Spinks, Managing Director. For further information, please contact: INVESTORS Andrew Spinks Managing Director T: +61 8 6424 9002
About EcoGraf EcoGraf is building a vertically integrated battery anode materials business to produce high purity graphite products for the lithium-ion battery and advanced manufacturing markets. Over US$30 million has been invested to date to create a highly attractive graphite mining and mineral processing business. In Tanzania, the Company is developing the TanzGraphite natural flake graphite business, commencing with the Epanko Graphite Project, to provide a long-term, scalable supply of feedstock for EcoGraf™ battery anode material processing facilities, together with high quality large flake graphite products for specialised industrial applications. Using its environmentally superior EcoGraf HFfree™ purification technology, the Company will upgrade the flake graphite to produce 99.95%C high performance battery anode material to supply electric vehicle, battery and anode manufacturers in Asia, Europe and North America as the world transitions to clean, renewable energy. Battery recycling is critical to improving supply chain sustainability and the Company’s successful application of the EcoGraf™ purification process to recycle battery anode material provides it with a unique ability to support customers to reduce CO2 emissions and lower battery costs. Follow EcoGraf on LinkedIn, Twitter, Facebook and YouTube or sign up to the Company’s mailing list for the latest announcements, media releases and market news.
19.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
1970599 19.08.2024 CET/CEST
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