Vulcan Energy Resources Limited
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Vulcan Energy Resources received a $200 million letter of support from Export Finance Australia
Vulcan Energy Resources, a leading company in the sustainable mining industry, has announced that it has received a promising Letter of Support from Export Finance Australia (EFA). The conditional, non-binding letter of support is for up to $200 million (~€120 million) and will be used towards financing the first phase of Vulcan’s Zero Carbon Lithium™ Project.
What is the Zero Carbon Lithium™ Project?
The Zero Carbon Lithium™ Project is a plan to produce an eco-friendly lithium product that will power electric vehicles, phones, laptops, and other gadgets. This project is designed to use geothermal energy, and it is aimed at becoming the world's first supplier of Zero Carbon Lithium™ with net-zero greenhouse gas emissions. The project has been developed in Germany, where electric vehicle manufacturing and lithium consumption is thriving.
Why is this news important for the EU?
The letter of support from EFA is an important symbol of the growing relationship between Australia and the EU. The project is seen as a positive addition to the minerals security partnership, which includes a number of nations such as Germany, France, and the USA, and aims to help secure global supply chains for clean energy critical minerals.
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When will the next phase of financing start?
The first phase of the financing process for the Zero Carbon Lithium™ Project is due to commence in mid-November after completion of the bridging study. Vulcan has previously secured substantial in-principle government-backed ECA support, subject to customary conditions, from BPIFRANCE Assurance Export, the French ECA, SACE, the Italian ECA, and EDC, the Canadian ECA.
Overall, the financing support received by the company from government-backed export credit agencies (ECAs) from both in Europe and in Australia will boost the company's morale as it moves towards the implementation of its Zero Carbon Lithium™ project.
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