Beowulf Mining notes Grafintec working to establish graphite facility

(Alliance News) - Beowulf Mining PLC on Monday noted that its Finnish subsidiary Grafintec Oy is working on establishing a facility for processing graphite, focused on the European battery industry.

The Sweden, Finland and Kosovo-focused mining company said it recently appointed AFRY Finland Oy to undertake the environmental impact assessment which is aimed to be completed in the first quarter of 2024.

Grafintec Managing Director Rasmus Blomqvist said: "Benchmark Mineral Intelligence has reported that the battery industry in Europe is predicted to require at least 1.3 million tonnes of graphite anodes by 2030, which can be compared to today's requirement of about 160,000 tonnes. The EU would like a secure supply of both graphite and anodes to meet this demand, rather than relying on imported graphite, predominantly from China.

"By entering this growing market at an early stage, Grafintec can assume a strong position in anode manufacturing. This, coupled with future production from its own projects, will enable Grafintec to become a self-sufficient manufacturer of high-quality anode material for the European battery industry."

Beowulf shares were 3.4% higher at 1.50 pence each in London on Monday morning.

By Tom Budszus, Alliance News reporter

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