Battery anode and advanced materials company Talga has completed its share purchase plan (SPP), raising A$19-million for the development of its Vittangi project, in Sweden.
The SPP targeted A$15-million and closed oversubscribed on Friday.
“. . . our shareholders have demonstrated strong support for their company and the Vittangi anode project,” said MD Mark Thompson.
ASX-listed Talga will use the proceeds of the SPP to progress critical path development activities as part of establishing one of the first commercial graphite anode production facilities outside Asia.
A detailed feasibility study (DFS) for Vittangi has confirmed the project’s potential to supply globally competitive green graphite anode, suitable for multiple applications, including Tier 1 automotive lithium-ion batteries.
The DFS envisages a vertically integrated mine-to-anode operation producing 19 500 t/y battery anode Talnode-C from 100 000 t/y of Vittangi graphite ore over a 24-year mine life. Vittangi will use 100% renewable electricity to produce the initial 19 500 t/y of green anode.