Westwater Resources Progresses Construction of Its Kellyton Graphite Plant, Alabama
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Westwater Resources said it has made strong progress toward achieving construction milestones at its Kellyton graphite plant in Alabama during 3Q, including the receipt of long-lead equipment items and continued work on underground utilities, fire loop, foundations, and the manufacturing of plant buildings.
The company said it finished the quarter ended September 30, 2022, with a cash balance of $100.3 million and a working capital balance of $80.1 million, remaining on budget for Phase I of the Kellyton graphite plant at $202 million.
“The Westwater team continues its strong progress related to the construction of Phase I of our Kellyton graphite plant and is planning to begin testing and commissioning of Phase I mid-year 2023 and continuing into the second half of next year,” Westwater Resources CEO Chad Potter commented.
Westwater said it also continues to engage with potential customers, working with around 40 potential customers across a number of markets including automotive companies and lithium-ion battery manufacturers.
The Inflation Reduction Act, which sets a minimum domestic content threshold for the percentage of the value of applicable critical minerals contained in the battery of electric vehicles, is beneficial to the domestic graphite industry and will provide additional benefit to the company as it continues to engage with potential customers, according to Westwater.
Since the Act was passed in August, the company reported that the interest of its potential customers has intensified as Westwater moves towards the domestic production of battery-grade natural graphite materials.
Source: Proactive Investors
About Westwater Resources, Inc.
Westwater Resources, Inc. is focused on developing battery-grade natural graphite. The company’s primary project is the Kellyton graphite processing plant that is under construction in east-central Alabama. In addition, the company’s Coosa graphite deposit is the most advanced natural flake graphite deposit in the contiguous United States — and located across 41,900 acres (~17,000 hectares) in Coosa County, Alabama.
To stop by Westwater’s website, CLICK HERE
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