The Australian graphite company EcoGraf (WKN A2PW0M/ ASX EGR) has restructured its management and project organization while also announcing important steps in the financing process for the Epanko graphite project in Tanzania.
The ASX-listed company announces the appointment of Maria Du Plooy as General Manager Finance and Joint Company Secretary and is supplementing its on-site team with experienced project and environmental managers. Concurrently, the technical due diligence for the Epanko debt financing is approaching its next milestone.
New General Manager Finance and Joint Company Secretary at EcoGraf
Effective immediately, Maria Du Plooy assumes the role of General Manager – Finance at EcoGraf, reporting to Managing Director Andrew Spinks. Du Plooy has been with the company since April 2023 as Financial Controller, where she was responsible for group-wide finance and risk management, human resources, and corporate governance. The Chartered Accountant brings over two decades of experience from the banking and mining sectors in Africa, Australia, and South America – including the implementation of ERP systems, the establishment of reporting structures for mining operations, the management of offtake agreements, treasury and project finance compliance, and cross-border corporate finance.
Additionally, Du Plooy has been appointed Joint Company Secretary. She shares this role with Natalie Teo, who continues to be the company’s contact person for matters concerning ASX Listing Rules. EcoGraf emphasizes that this appointment is part of the preparations for the upcoming financing and implementation phase for Epanko, a core project in the company’s graphite portfolio.
Key Personnel for the Epanko Graphite Project in Tanzania
To support the next development stage of Epanko, EcoGraf has filled several key positions. Michael Bourguignon takes over as Head of Projects (Tanzania), leading central implementation tasks. He possesses extensive leadership experience in establishing mining projects in Africa, including the construction and commissioning of the Balama graphite project in Mozambique, as well as contributions to the development of the Chilalo graphite project in Tanzania. Bourguignon holds an MBA and is a member of the Australian Institute of Project Management.
On-site, Chief Geologist David Drabble assumes expanded responsibilities for the Epanko project. He is supported by Emmanuel Ntoma (Manager Environment & Communities) and Bernard Sefu (Manager RAP Implementation), who oversee environmental, social, and resettlement measures. Furthermore, the recruitment of a Process Engineer for the future processing plant is underway. In Mahenge, EcoGraf’s subsidiary Duma TanzGraphite Limited is recruiting three Community Liaison Officers and a Health, Safety & Environment Officer to implement the Environmental and Social Management Plan for Epanko. These steps aim to integrate permitting requirements, ESG standards, and local community engagement early into project execution.
Epanko Financing: Due Diligence and Next Milestone
The finalization of debt financing for Epanko is a top priority for EcoGraf. The company is advised by Hannam & Partners, who have been involved in the transaction since the mandate of KfW IPEX-Bank in November 2023. A secured senior loan facility of up to US$105 million is planned under the German “Untied Loan Guarantee” (UFK). The responsible Interministerial Committee of the German Federal Government has reportedly confirmed that Epanko is generally eligible for coverage; for the next stage, an independent expert opinion (“Independent Expertise”) is required to prepare a preliminary commitment for coverage.
The technical review by lending institutions is well advanced. According to EcoGraf, the completion of the Independent Engineer’s Report is imminent. Numerous work packages have preceded this, including optimized mine planning (including an “oxide first” strategy), new geotechnical drilling data to secure the Tailings Storage Facility (TSF), Water Storage Dam (WSD), and plant layout, studies on TSF and WSD in accordance with the Global Industry Standard on Tailings Management, ANCOLD, and the Tanzanian Dam Safety Guidelines, as well as updated environmental baseline studies, impact assessments, and management plans in line with IFC Performance Standards, the Equator Principles, and the World Bank EHS Guidelines. Additionally, schedules, cost assumptions, and risk management – including quantitative risk analyses – have been revised, as has the execution planning for the Owner’s Team, EPCM, energy supply, and site services.
The Environmental & Social Due Diligence report was already published earlier this year. The independent engineer’s report now serves as another central building block in the credit process and is intended to support the preparation of the expert opinion for UFK coverage. For EcoGraf, this is an important step to systematically finalize the financing of the Epanko graphite project in the Mahenge region.
Strategic Options and Outlook for EcoGraf
Parallel to the debt process, EcoGraf is exploring strategic partnerships for the further development of its vertically integrated EcoGraf HFfree® battery materials business. The company is preparing to mandate advisors for potential equity solutions. These activities support efforts to establish the supply chain for graphite anode materials without the use of hydrofluoric acid (HFfree®) and thus address the requirements of international customers along the battery value chain.
Managing Director Andrew Spinks welcomed the personnel reinforcements and referred to the upcoming transition into the implementation and financing phase. At the same time, EcoGraf announced that former CFO Howard is reducing his commitments due to health reasons.
Conclusion: With the appointment of Maria Du Plooy, the strengthening of the project team in Tanzania, and the progress of due diligence, EcoGraf is moving closer to a potential financing close for Epanko. The combination of organizational setup, technical reviews, and the targeted UFK coverage forms the basis for the next project phase – with the goal of establishing graphite production in the Mahenge region and positioning EcoGraf as a supplier of HFfree® anode materials in the market.
