Sarytogan Graphite (ASX:SGA) has attained strategic project status for its namesake graphite deposit in Central Kazakhstan, under the European Union’s Critical Raw Materials Act.
The company is among the first group of 13 projects located outside the EU in third countries to attain this status.
In conjunction, Evion Group (ASX:EVG) has also been awarded the status for its Maniry Project in Madagascar — making it the only project awarded such status in the country.
Sarytogan, which has a market capitalisation of $8.32 million, says this landmark recognition underscores the project’s strategic value for the EU to secure its critical raw materials and enhances the company’s ability to access European funding.
Managing Director Sean Gregory says the status highlights the vital role in supplying sustainable critical raw materials to Europe for battery and other strategic uses.
“We look forward to engaging with new opportunities under the Critical Raw Materials Act to deliver a sustainable supply of graphite to Europe and beyond,” Gregory says.
European Commission Executive Vice President for Prosperity and Industrial Strategy Stéphane Séjourné says Europe needs raw materials to achieve industrial and climate ambitions.
“Today’s list of 13 strategic projects across the world will help to reduce Europe’s dependencies, contribute to our economic security while creating growth, jobs and export opportunities in the countries concerned,” Séjourné says.
The EU Critical Raw Materials Act designates strategic projects to increase EU capacity to extract, process and recycle strategic raw materials and diversify EU supplies from third countries.
In 2023, the EU was heavily dependent on China for imports of magnesium, germanium and gallium. The EU was also dependent on Brazil for imports of ferro-niobium and on Türkiye for imports of borates.
Further, 94% of EU imports of rare earths came from China, Malaysia and Russia combined in 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Saryotgan Graphite
