Experts from the Australian industry service Minelife are using the recently published Epanko Expansion Study, which outlines the potential new scale of the graphite project by Australian EcoGraf (ASX EGR / WKN A2PW0M), as an opportunity to take a closer look at the company. Based on an initial production phase of 73,000 tonnes of flake graphite per year, the study foresees three additional expansion phases in which the capacity of the planned mine could be gradually increased to 130,000, 260,000, and finally 390,000 tonnes per year.
According to Minelife, all expansion phases fall under the existing Special Mining Licence (SML) and utilize the continuous Epanko ore deposit. The study was prepared by independent technical consultants and is based on existing measured and indicated resources. The expansion is planned to take place over the first ten years of operation. In each stage, initial processing of oxidized material with higher throughput is planned, before successively processing a mixture of oxidized and fresh material.
From a technical perspective, Minelife highlights the design of the processing plant:
- Stage 2: Duplication of the Stage 1 plant at the current location.
- Stage 3: New 130,000 tpa plant at the southern end of the western ore zone.
- Stage 4: Duplication of the Stage 3 plant at the same location.
According to preliminary calculations, the Epanko valley structure offers sufficient space to store many times the amount of tailings required for the project. Logistically, it is planned that the packaged
According to Minelife, a key characteristic of the Epanko ore is its high concentrate content of approximately 96–98% carbon, which reduces the purification effort and could be considered an advantage in a more quality-oriented graphite market.
EcoGraf HFfree®: Downstream Strategy and Market Environment
Minelife clearly classifies EcoGraf as an integrated supplier of battery anode material. In addition to the mine in Tanzania, the company’s business plan includes four key components:
- Epanko graphite mine in Tanzania as a raw material source
- a Mechanical Shaping Facility in Tanzania for the production of spherical graphite (SpG)
- HFfree® purification plants in close proximity to battery, anode, and electric vehicle manufacturers in Europe, North America, and Asia
- Application of HFfree® technology also in battery recycling
According to Minelife, the first large-scale HFfree® purification plant is designed for a location in the USA with a capacity of 25,000 tonnes per year. For this plant, the report, based on the EcoGraf study, mentions, among other things:
- estimated initial investment of approximately US$95 million,
- pre-tax NPV10 of US$282 million,
- internal rate of return (IRR) of 42%,
- expected annual EBITDA of approximately US$42 million,
- process costs of approximately US$478 per tonne.
A comparable plant is also being planned for Europe, with Germany being mentioned as the preferred location. Minelife also refers to ongoing discussions about potential funding in the EU and the USA, as well as a submission to the US Department of Defense regarding potential grants.
In parallel, the report describes a changing graphite market environment: rising demand from electromobility and stationary energy storage, a higher proportion of natural graphite in anodes, as well as geopolitical tensions and export controls that reinforce the desire for supply chains outside China. EcoGraf positions itself with Epanko and the HFfree® network as a potential supplier in this environment.
EcoGraf Pursues Clear Development Path
Regarding the financing of the EcoGraf project, Minelife notes that a senior debt financing of up to US$105 million is being prepared by KfW IPEX-Bank for the first construction phase of Epanko. This is to be structured within the framework of the German “Untied Loan Guarantee” program and will support the construction of the 73,000 tpa plant. An independent technical report (Independent Engineer’s Report) is a central element of the ongoing financing process.
As of the quarter-end on September 30, 2025, EcoGraf, according to Minelife, had liquid funds of approximately AUD 8.5 million. Based on the expenditure rate at that time, this corresponds to a financial leeway of well over three quarters. Furthermore, the research firm points out that EcoGraf’s share price has multiplied during the current year – an indication of increased market attention for the EcoGraf strategy.
In conclusion, Minelife notes that EcoGraf, with Epanko as one of Africa’s largest “development-ready” graphite projects and with its HFfree® technology, is pursuing a clearly defined development path. According to the report, the expansion of Epanko to up to 390,000 tonnes of graphite concentrate per year and the establishment of several purification hubs in the major battery regions form the basis for the company’s further development.
