ASX-listed Kibaran Resources plans to change its name to EcoGraf to "clearly reflect" its strategy of being a preferred partner in the long-term supply of responsibly produced, high-quality natural flake and battery graphite products.
Shareholders will vote on the proposed name change during the company's annual general meeting on November 29.
The company, which is developing the Epanko graphite project, in Tanzania, on Wednesday said it had, in the past six years, invested more than $25-million in creating two "highly attractive graphite businesses that are ready for development and which will enable us to serve our existing and prospective customers throughout Asia and Europe".
"A key part of this journey has been the identification of a unique ecofriendly graphite purification technology for which we have lodged a global patent and which underpins our commitment to provide customers with competitively priced, superior products that support their business requirements for more sustainable supply chains.
"Our new name will provide clear brand recognition in these markets, particularly in the manufacture of anode materials for lithium-ion batteries, as part of the massive investment under way globally to transition towards renewable energy for vehicle and industrial applications," it added.
In addition to the development of the Epanko project, which the company says provides assurance that its natural flake graphite products are efficiently and responsibly produced, Kibaran is also developing its proposed EcoGraf battery graphite project, in Kwinana, Western Australia.
The proposed EcoGraf processing plant will produce spherical graphite, using a new ecofriendly process, for supply to lithium-ion battery manufacturers.
"Within spherical graphite markets, our unique purification process that eliminates the use of costly and highly toxic hydrofluoric acid underpins the planned development of our first purification facility just south of Perth.
"Positive feedback from prospective customers and partners is very encouraging as the importance of sustainable and ecofriendly supply chains grows and our new name will provide improved recognition for our planned products in these markets," the company said.
The Western Australian government last month gave its approval for the EcoGraf project, which will initially produce about 5 000 t/y of spherical graphite.
Kibaran is aiming to start production in early 2021.
The initial phase will cost about $22.8-million to develop. A further $49.2-million may be invested at a later stage to increase production to 20 000 t/y.