Queensland graphite proponent Graphinex has secured a $1.32 billion funding support letter from the US Export-Import Bank (EXIM) in the wake of high-level critical minerals talks in Washington.
The company was among seven Australian critical minerals players attracting EXIM Letters of Interest (LOIs) totalling more than $3.37 billion ($US2.2 billion), with six of those projects being pursued in partnership with Export Finance Australia (EFA).
“This combined support from EXIM and EFA represents a historic step forward – not just for Graphinex, but for Australia’s role in global battery supply chains,” Graphinex managing director Art Malone said.
“Graphinex hosts the world’s largest graphite deposit in a developed country which produces ultra-high performance battery anodes.”
Brisbane-based Graphinex proposes to develop a $1.23 billion greenfield graphite mine and processing facility about 70km south of Croydon.
Posting on social media, non-executive chairman Tom Northcott described the deal as company-making for Graphinex.
He said the Letter of Interest covered upstream mining and concentrator operations in Queensland and downstream refining operations in the United States.
Image: Graphinex managing director Art Malone and non-executive chairman Tom Northcott.
It co-incides with United States President Donald Trump and Australian Prime Minister Anthony Albanese signing a landmark Critical Minerals Framework between the nations.
The US and Australian governments intend to invest more than $US3 billion together in critical mineral projects in the next six months, with recoverable resources in the projects estimated to be worth $US53 billion, according to a White House statement.
Graphinex said its support from EXIM underscored the growing strategic importance of graphite – which comprises about 50 per cent of every lithium-ion battery and is also essential for advanced defence applications.
It comes on the heels of a decision by the Chinese Government to impose new restrictions on graphite exports and related manufacturing equipment.