Renascor Resources (RNU) has been accepted as a member of the European Raw Materials Alliance (ERMA).
The ERMA was created in September 2020 to provide European countries strategic access to the critical raw materials supply chain.
The alliance considers some materials ‘critical’ because they have a significant economic importance for key sectors in the European economy.
Additionally, they also have a high-supply risk due to the high import dependence and high levels of concentration.
While the industries which need them are space exploration, electronics, steel-making, and defence industries.
“Renascor is delighted to be accepted as a member of the European Raw Materials Alliance,” Managing Director David Christensen said.
“Our collaboration with end-users in the European market is an important opportunity to establish Siviour as a secure and low-risk source of purified spherical graphite to support the development of a European critical raw materials supply chain,” he added.
“Our plans to produce purified spherical graphite from Siviour aligns with the growing need for this critical raw material to feed the global lithium-ion battery market, including Europe,” he concluded.
Renascor’s Siviour Graphite Deposit in South Australia is the world’s second largest proven reserve of graphite and the largest graphite reserve outside of Africa.
The JORC ore reserve estimate was upgraded in July and now totals 51.5 million tonnes at 7.4 per cent total graphitic carbon (TGC) for 3.8 million tonnes of contained graphite.
Renascor has ended today steady, trading at 1.2 cents per share.
www.ferroalloynet.com
