Australia’s graphite outlook
While lithium tends to dominate the conversation around next-generation batteries, another key commodity rarely gets the same airtime.
Graphite is a significant anode material in lithium-ion batteries (LIBs), with these batteries now accounting for a rapidly growing share of global graphite demand, underpinned by surging electric vehicle (EV) demand.
Geoscience Australia data cited in a new CSIRO report shows Australia holds about 4% of the world’s economic graphite resources, ranking eighth globally as of December 2023.
Despite this geological endowment, Australia is yet to produce graphite concentrate or battery-grade graphite at commercial scale.
Several local players have run testwork and pilot programs, aiming to move beyond mining into integrated production of active anode materials.
In the ninth instalment of our Critical Minerals Outlook series, The Australian Mining Review spotlights Australia’s emerging graphite sector and the projects vying to close the gap.
The new report co-authored by CSIRO, Geoscience Australia and Stanford University, Australian graphite: A path to a global battery market opportunity, details how Australia can leverage its natural resource base and deepen partnerships with the US battery industry to build domestic processing and manufacturing capacity and shore up graphite supply chains for both countries.
One of the strongest growth markets for graphite concentrate is in high-value battery anode materials.
Today, China is responsible for about 95% of global anode material production, a level of concentration that heightens supply-chain risk but also opens the door for new processing hubs elsewhere.
Graphite anode products fetch around US$7000/t, compared with roughly US$700/t for graphite concentrate, and each tonne of anode material requires about two tonnes of concentrate — underscoring the value-adding potential of downstream processing.
The Federal Government has begun to position Australia for this opportunity, funding CSIRO to undertake early-stage graphite research, from using artificial intelligence to characterise domestic deposits, to integrating renewable energy into processing routes, and recovering graphite from end-of-life batteries.
Against that backdrop, a small but promising pipeline of investment-ready graphite projects could help propel Australia from promising resource holder to significant producer of battery-grade materials.
Battery Anode Material project
Overview: Renascor’s (ASX: RNU) Battery Anode Material (BAM) project is a South Australia–based, vertically integrated graphite project to produce sustainably sourced purified spherical graphite (PSG) for use in LIBs.
The BAM project combines an upstream graphite mining and mineral processing project with a downstream graphite shaping and purification facility to process graphite concentrates into PSG. The upstream project, located on the Eyre Peninsula in SA, includes shallow open-pit mining of the Siviour graphite deposit. Processing will include crushing, grinding, flotation, filtering and drying to produce graphite concentrates (94% to 95% TGC).
The downstream BAM project, located in Bolivar SA, will further process Siviour graphite concentrates into PSG using Renascor’s eco-friendly purification process. Stage 1 will produce about 75,000tpa graphite concentrate initially for export then, commencing in year two, for processing into PSG. Stage 2 expansion, commencing in year four, will increase graphite concentrate production to about 150,000tpa and PSG production to about 100,000tpa.
Status: The project has been granted Major Project Status by the Federal Government and has received conditional approval for a $185m loan facility under the Critical Minerals Facility to support development of the Siviour mine and concentrator.
The BAM project is at an advanced development stage, with a definitive feasibility study completed in 2023, major upstream project approvals (environmental, mining and Native Title) in place, and the downstream project progressing through the final development assessment stages.
In 2024, Renascor commenced detailed design and long-lead infrastructure procurement for the upstream project and advanced design of a co-funded, pre-commercial scale PSG demonstration plant. By mid-2025, Renascor had produced a bulk sample from Siviour and processed it into graphite concentrate as feedstock for the demonstration plant, with construction well advanced and commissioning targeted in the near term. Renascor is considering both additional offtake and strategic investment in the project.
Kookaburra graphite project
Overview: Lincoln Minerals (ASX: LML) is developing its 100% owned, high-grade Kookaburra Graphite Project (KGP) located 35km north of Port Lincoln on South Australia’s Eyre Peninsula. The October 2024 Lincoln Updated PFS is based on a two-stage development, with 75ktpa open-pit mining and processing on-site (flotation) producing 10,000tpa of high-quality graphite concentrate. Commencing in year three, Stage 2 ramps up to 500ktpa ore mined and processed producing 60,000tpa graphite concentrate.
The KGP’s high-grade core, starting from surface with no pre-stripping required, along with close proximity to infrastructure, regional towns and airports, contributes to its low start-up capital cost ($29m).
Status: KGP is an advanced-stage, long-life project with an updated PFS completed in November 2024 delivering strong economics for production of high-grade graphite concentrate in a two-stage development, with low start-up capital. Initial mining will commence on a granted mining lease.
The project area lies within the external boundaries of the Barngarla Native Title Claim, and Lincoln is monitoring potential Native Title and Aboriginal heritage implications as it advances approvals.
Lincoln is targeting FID for the KGP in late 2026 and first production in 2027. A vertically integrated “Mine to Battery” scoping study examining purified spherical graphite production for use as battery anode material is underway, targeting completion in late 2025.
Lincoln welcomes discussions with strategic investors and offtake partners.
In April 2024, Lincoln defined an updated KGP total mineral resource of 12.8mt @ 7.6% TGC, including a high-grade core of 2.9mt @ 13.6% TGC from surface, more than doubling the previous MRE. EM surveys indicate the likelihood of significant extensions of mineralisation with an additional Exploration Target of 6–126mt @ 4–16% TGC.
Munglinup
Overview: Mineral Commodities (ASX: MRC) is a global mining and development company focused on the development of high-grade industrial and critical minerals deposits. The Munglinup graphite project is free-dig, open-pit mining of high-grade graphite mineralisation, located within a granted mining lease in WA. ROM ore is processed through conventional, multi-stage milling and flotation to produce high-grade graphite concentrates across a range of flake sizes. The resource is open at depth and along strike. Future work envisaged includes updating studies and additional drilling.
MRC, working with its partners, including CSIRO and Doral Fused Materials, completed a Cooperative Research Centres Project to develop a non-hydrofluoric acid purification process to produce high-purity, value-added battery anode materials from Munglinup concentrate. The project achieved battery grades (99.95% purity) for spherical graphite with 90% recoveries. Pilot plant operations and an optimised integrated ore-anode DFS program are underway, 50% funded through Federal Government critical minerals grant funding.
Status: The Munglinup graphite project feasibility study completed in 2020 confirmed the ability to produce high-grade graphite concentrate. Environmental approvals remain the key outstanding major approval required prior to construction, with completion targeted by the December 2025 quarter.
MRC is now commissioning its graphite anode pilot plant and plans to develop downstream battery anode materials production facilities within Australia. MRC welcomes discussion regarding financing or offtake and seeks a strategic partner for project equity, joint venture or offtake arrangements in both the concentrate and downstream businesses.
Quantum Sunlands Eyre Peninsula Graphite Hub
Overview: Quantum Graphite (ASX: QGL) and Sunlands’ EPG Hub will produce and refine graphite on a global scale through a 2-stage process. Stage 1 will re-establish the mining and processing of flake graphite in South Australia’s Eyre Peninsula. Exported concentrate will be further refined for battery anode manufacturing.
The next stage includes construction of a local refining capacity to support Australian graphite-based industries.
Sunlands will undertake all flake graphite processing and refining activities and manage the holding and certification of inventories for global customers. In particular the first stage of the EPG Hub activities include processing of up to 1,000ktpa of flake graphite raw material supply mined from the Eyre Peninsula to produce 100ktpa flake graphite concentrate, production of 100ktpa of high purity graphite concentrate with a purity of 99.7%gC, inventory management and warehousing facilities and the manufacturing facility operated by the company’s joint venture with Sunlands (i.e., Sunlands Power) for the production of long duration thermal energy storage cells.
The initial raw material supply for the EPG Hub is the company’s Uley 2 project, located on the southeastern Eyre Peninsula, South Australia comprising several high mineralisation envelopes all within a 1200m radius and includes existing JORC 2012 Mineral Resources2 of 7.2mt @ 11.10%gC (including ore reserves of 4.3mt @ 11.89% gC) — equivalent to 15 times the annual ex-China (global) flake graphite refined production for Li-ion anode manufacture4.
Status: The EPG Hub has been granted Major Project Status by the Federal Government. Major Project Status will assist efforts to accelerate the US EXIM Bank US$300m financing proposal and meet the key objectives of offtaker MRI Trading AG to deliver 100ktpa of high purity graphite into the market by Q1 2027.
Springdale Mine and Collie Graphite Processing Hub
Overview: International Graphite’s (ASX: IG6) vertical mine-to-market strategy centres on two flagship developments in WA — a downstream processing hub at Collie, with feed from a mine and concentrator at Springdale. International Graphite has commenced development of a commercial graphite micronising plant in Collie.
Following a 2024 Feasibility Study, a FEED study completed in March 2025 defines a two-stage development, with Stage 1 production of about 4ktpa using purchased graphite concentrates. Construction is scheduled to commence in 2025, with first production targeted in 2027.
A scoping study completed in January 2024 demonstrated attractive economics for an integrated Springdale mine and concentrator development and full-scale coated spherical purified graphite (CSPG) plant at Collie. At Springdale, open-pit operations will mine about .5mtpa of ore at an average grade of 9.5% TGC. Onsite processing via flotation will produce 47ktpa graphite flake concentrate (95% TGC) to be transported to Collie for micronising and further refinement to produce about 18.6ktpa CSPG used for battery/active anode material. Australian governments have invested $17.2m to date.
Status: Construction is commencing at Collie on the first-stage micronising plant following completion of the FEED study in March 2025, with first production targeted in 2027.
A feasibility study on the Springdale mine and concentrator is progressing, with a final investment decision anticipated by the end of 2026, paving the way for construction in 2027 and operations to commence in 2028. The mine and plant are located on freehold farmland in an established industrial estate. Environmental baseline studies have been completed and positive discussions held with the Wagyl Kaip Southern Noongar Aboriginal Corporation. Two mining leases have been granted.
Located in a low-risk jurisdiction, with strong community and political support, near-term production from Collie and a pathway to integrated mine-to-CSPG operations, this is positioned as a globally significant project.
FOOTNOTE: Information extracted from Austrade’s Australian Critical Minerals Prospectus and updated to reflect subsequent company announcements.
