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While the tangible benefits of the accreditation weren't听explicitly stated,听the news is understood to represent a strong endorsement of the planned development.听
Certainly听investors听were impressed, with the听stock听being marked听up听strongly during a session when most in the resource sector were losing ground.听
Last month听EcoGraf听indicated it was moving to听finalise听EPC arrangements and complete engineering programs with GR Engineering for the construction of the initial 5000tpa听processing facility.听
EcoGraf听is fully funded for this A$30 million development given a recent equity raising听totalling听$54.6听million.听
However,听EcoGraf听is seeking to听arrange听a听US$35 million听debt financing with the Australian Government for the expansion of the West Australian facility to 20 ,000tpa, with that development costing $49听milion.听
EcoGraf听managing director Andrew Spinks told MNN further funding from government sources could be sought.听
First production from the BAM facility could be seen late next year.听
Shares in听EcoGraf听were up听13% to A68c in late trade,听capitalisng听the company at $247 million.听
The听recent equity raising priced new shares at 60c each.听
