PERTH (miningweekly.com) – Graphite developer EcoGraf has started share trading on the US Over the Counter (OTCQX).
The company on Friday said that its primary listing would continue to be on the ASX, with a secondary listing on the Frankfurt Stock Exchange.
EcoGraf told shareholders that the OTCQX listing provided the company with access to one of the largest investment markets in the world, with no additional compliance requirements, compared with traditional major exchanges.
The quotation on the US market was in response to the surging investor interest in the US for the electric vehicle sector and its supply chain, which has been stimulated with a recent announcement by the US government that it would be replacing all government vehicles with electric vehicles and supporting the global shift to electric vehicles.
EcoGraf is developing a processing facility in Western Australia to manufacture spherical graphite products for export to Asia, Europe and North America.
Production capacity for Stage 1 of the proposed facility is 5 000 t/y of battery-grade spherical graphite, increasing to 20 000 t/y with the completion of Stage 2, with the processing plant expected to cost some $72-million and would employ some 275 staff during construction.
The development of the processing facility was part of the EcoGraf’s vertically integrated graphite business positioned to support the global transition to clean energy and electric mobility.
The battery anode materials facility has been awarded Major Project status by the federal government.