• EcoGraf signed a cooperation agreement with the European Investment Bank (EIB) for technical assistance on its Epanko graphite project in Tanzania.

• The company targets 73,000 tonnes per year in phase one and more than 300,000 tonnes annually after expansion.

• EcoGraf seeks $105 million in German credit cover and has requested a $76.3 million U.S. Defense Department grant.

Australian mining company EcoGraf announced in a note published on Wednesday, February 11, that it signed a cooperation agreement with the European Investment Bank (EIB). The agreement provides technical assistance to support the development of a vertically integrated value chain around graphite from the Epanko project in Tanzania.

At the same time, EcoGraf continues discussions with another European partner to mobilize the financing required to develop the future mine.

EcoGraf plans to develop Epanko in several phases. The first phase targets annual production of 73,000 tonnes of graphite concentrate. The second phase will expand the mine and lift production capacity to more than 300,000 tonnes per year.

The company has negotiated in recent months a $105 million credit cover with Germany’s KfW IPEX-Bank in order to launch construction works for the first phase of operations.

Under the EIB agreement, EcoGraf expects support for development studies related to the mine expansion as well as for the construction of a graphite processing plant in Tanzania. The company announced the processing facility in March 2025 and estimated the investment at $58.6 million.

For now, EcoGraf and the EIB have not specified the detailed terms of the cooperation. However, EcoGraf stated that the initiative aligns with the European Union’s strategy to develop battery mineral supply chains for European industry.

“The EIB welcomes the opportunity to support preparatory work that contributes to the development of responsible value chains for critical raw materials. This will stimulate potential eligible investments from both the public and private sectors, enabling the subsequent implementation of robust, sustainable and long-term projects,” said Andrea Clerici, Director for Corporate and Global Activities at the EIB.

European involvement in Epanko comes amid accelerating Western initiatives in African critical minerals. The United States has driven much of this momentum, as it seeks to reduce China’s dominance over raw materials that remain essential to battery manufacturing and defense industries. Recent developments around copper supply agreements in the Democratic Republic of Congo illustrate this trend.

Beyond Europe, EcoGraf is also counting on Washington. The company submitted a white paper to the U.S. Department of Defense to request a $76.3 million grant to support Epanko’s development. While EcoGraf awaits the outcome of these efforts, the company continues advancing the project and expects to publish an updated bankable feasibility study later this month.

Aurel Sèdjro Houenou