The European Bank for Reconstruction and Development (EBRD) has invested nearly $3.3 million in the Sarytogan graphite deposit in Kazakhstan
The European Bank for Reconstruction and Development (EBRD) is venturing into Central Asia’s critical raw materials sector with its inaugural direct equity investment, taking a 17.36% stake in Sarytogan Graphite Limited. This Australian Securities Exchange-listed company is engaged in exploring the significant Sarytogan graphite deposit located in Kazakhstan’s Karagandy Region.
On August 9, the EBRD announced a AU$5 million (US$3.3 million) investment in Sarytogan, aimed at supporting its development program, including a feasibility study and working capital needs.
“We are pleased to support the Sarytogan Graphite project, the first graphite project financed by the bank, on its path to become a responsibly mined source of battery-grade graphite for Europe and the world. EBRD is committed to supporting the global transition to a green economy, the move towards wider adoption of electric vehicles, in particular, via providing necessary funding and know-how to junior miners of critical and/or strategic raw materials,” said Natalia Lacorzana, EBRD Director for Natural Resources, as quoted in the Australian Securities Exchange announcement.
The Sarytogan graphite deposit has the potential to become a major supplier of natural graphite, both regionally and globally. The project's indicated and inferred mineral resource estimate stands at 229 million tons, with a total graphitic carbon content of 28.9%, according to the company.
“Sarytogan is delighted to attract this investment from the EBRD. The investment follows extensive technical and legal due diligence by the bank and we see it as a ringing endorsement of the governance of the company and the quality of the Sarytogan Graphite Project,” said Sarytogan Managing Director Sean Gregory, as quoted in the Australian Securities Exchange announcement. (Source:astanatimes)
