Australian developer Graphinex plans to accelerate development of its 25 million tonnes/year Esmerelda graphite project in Queensland after securing potential funding from the U.S. Export-Import Bank (US Ex-Im).
On October 22, Graphinex Chief Technology Officer Mark Lollback stated during the International Mining and Resources Conference in Sydney that the company plans to begin production within two to three years, compared to the original four to five years.
US Ex-Im Bank, the U.S. government lender, is considering providing up to $860 million in project co-financing to Graphinex. Lollback added that the funding would help accelerate the project.
Graphinex currently produces one tonne of graphite concentrate per day at a demonstration plant in Queensland. The company is refining the plant’s production process and will use it to produce samples for export verification.
The Australian federal government awarded Graphinex AUD 3 million (US$1.95 million) in December 2024 to support its Esmerelda project. The Queensland government is also supporting the project with a AU$2 million grant and has declared it a coordinated project. As a coordinated project, the state’s general coordinator is helping to expedite its approval process.
Japanese manufacturer Idemitsu invested in Graphinex in April 2024 and became a member of the company’s board of directors, but the details of its shareholding are unclear.