GreenRoc Strategic Materials plc has received a non-binding letter of interest from the Danish national promotional bank and export credit agency to help fund the Amitsoq graphite project in South Greenland.
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Potential financing from the Export and Investment Fund of Denmark (EIFO) would be used to buy equipment and services from suppliers including FLSmidth a/s which is currently processing an Amitsoq bulk sample.
Supplies could include a pilot flotation plant, test work and design and costing of a graphite ore beneficiation plant.
The testwork involves FLSmidth’s new pressurised flotation cell REFLUXTM which has “a smaller footprint, higher throughput, increased yield and reduced water and energy consumption” than standard flotation systems.
GreenRoc plans to work with EIFO on a detailed financing proposal, subject to approvals.
Chief executive Stefan Bernstein added that funding would allow progression towards completion of feasibility studies and to construction of a planned mine at Amitsoq.
“Graphite, the largest mineral component used in batteries, has been identified as a critical strategic mineral by the EU.
“This important indication of support from EIFO underlines its importance and is also, in my view, a clear sign of the growing interest from governments and public agencies in our graphite project and tangible support of our aim to become a major producer of responsibly sourced and processed graphite anode material for the battery industry.”
GreenRoc noted that the EIFO provides financial solutions for Danish companies and their global partners and invests in startups and funds.
The organisation is active in more than 100 countries with a total business volume of more than €20 billion.
EIFO has co-operated with Danish firm FLSmidth for 100 years and participated in financing many of its projects.