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New Chinese Restrictions on Supply of Natural Graphite Will Negatively Impact Batteries Used in EV Market
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Negative)
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Rhea-AI Summary
Westwater Resources acknowledges that new Chinese restrictions on the supply of natural graphite will negatively impact the availability of battery anode material for electric vehicles. The United States currently has no domestic production or processing of graphite for EV batteries. Westwater Resources is building a graphite processing plant and planning a graphite mining project in Alabama to provide a domestic supply.
Positive
Westwater Resources is committed to providing a domestic supply of natural graphite and graphite processing for the EV market.
The Kellyton Graphite Processing Plant will supply processed graphite to the EV market starting in early 2025.
The Coosa Graphite Project is scheduled to begin mining natural graphite by the end of 2028.
Negative
New Chinese restrictions on natural graphite supply will negatively impact the availability of battery anode material for electric vehicles in the United States.
The United States currently has no domestic production or processing of graphite for EV batteries.
Westwater Resources Offers Domestic Alternatives
CENTENNIAL, Colo.--(BUSINESS WIRE)--
Westwater Resources, Inc. (NYSE: American: WWR), an energy technology and battery-grade natural graphite company (“Westwater Resources”), today acknowledged that new Chinese restrictions on the supply of natural graphite will negatively impact the availability of battery anode material which is a critical component in producing the lithium-ion batteries that are used in electric vehicles.
Today, China produces nearly 100 percent of the processed graphite that is used to create battery anodes used in electric vehicles. An average EV in the United States contains approximately 175 pounds of processed graphite. However, the United States currently has no domestic production of natural graphite and no domestic processing of graphite into anode materials for EV batteries.
Westwater Resources is committed to changing this imbalance by providing a domestic supply of natural graphite and a domestic source of graphite processing for the EV market. Westwater Resources is currently building its Kellyton Graphite Processing Plant, which will supply processed graphite to the EV market beginning in early 2025. In addition, Westwater Resources is designing and planning its Coosa Graphite Project, which is scheduled to begin mining natural graphite by the end of 2028. The Kellyton Graphite Processing Plant and the Coosa Graphite Deposit are both located in east-central Alabama.
“The announcement of export curbs by China highlights the importance of standing up a battery grade graphite anode industry in the United States to support the energy transition,” said Terence J. Cryan, Executive Chairman of Westwater Resources. “Since nearly 100 percent of global graphite anode material is coming from China this year, diversity of supply is in the country’s best interest. Westwater’s Kellyton Graphite Processing Plant is ready to lead the way.”
ABOUT WESTWATER RESOURCES, INC.
Westwater Resources is an energy technology company that is focused on developing battery-grade natural graphite. Westwater Resources’ primary project is the Kellyton Graphite Processing Plant that is under construction in east-central Alabama. In addition, Westwater Resources’ Coosa Graphite Deposit is the most advanced natural flake graphite deposit in the contiguous United States — and is located across 41,965 acres (~17,000 hectares) in Coosa County, Alabama. For more information, visit www.westwaterresources.net.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “will,” “changing,” “providing,” “scheduled,” “supplying,” and other similar words. Forward-looking statements in this release include, among other things, statements concerning Westwater’s activities and schedules regarding its Kellyton Graphite Processing Plant and Coosa Graphite Deposit. Westwater cautions that there are certain factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Westwater; accordingly, there can be no assurance that such suggested results will be realized. Additional risks facing Westwater’s future prospects are discussed in the Westwater Resources, Inc. Annual Report on Form 10-K for the year ended December 31, 2022, and subsequent securities filings.
westwater resources, inc. operates as a diversified energy materials development company. it primarily explores for lithium, graphite, uranium, and vanadium deposits. the company's principal project is the coosa graphite project covering an area of approximately 41,965 acres situated in east-central alabama. it also holds interest in lithium projects, which include columbus basin project covers an area of approximately 14,200 acres comprise of 2 blocks of unpatented placer claims located in western nevada; and the sal rica project covers an area of approximately 13,260 acres situated in the northwestern utah. it addition, the company holds interests in various uranium projects, including 188,700 acres in the west-central part of the new mexico; and texas. the company was formerly known as uranium resources, inc. and changed its name to westwater resources, inc. in august 2017. westwater resources, inc. was founded in 1977 and is based in centennial, colorado.
