EIB Global has signed co-operation agreements with Andrada Mining and EcoGraf to provide up to €2 million in EU-funded technical assistance to each company for early-stage lithium and graphite projects in Namibia and Tanzania.
The European Investment Bank’s development finance arm announced on Wednesday the support is intended to help move the two projects from feasibility-stage towards “investment readiness” as part of the EU’s Global Gateway strategy.
Andrada Mining Limited operates a critical metals project in Namibia, and the assistance will support work linked to expanding into lithium production, including engineering and mineral testing, as well as assessments of infrastructure needs and environmental and social risks.
EcoGraf Limited is developing a natural graphite project in Tanzania aimed at lithium-ion battery and advanced manufacturing markets, and the assistance will support preparatory work for processing facilities and sustainable waste and water management.
EU-backed technical support
The technical assistance is funded by the European Union under a dedicated facility for critical raw material projects, and is aimed at supporting preparation and potential implementation of investment projects in countries in the Organisation of African, Caribbean and Pacific States, EIB Global said.
The support will be implemented by EIB Advisory and will focus on sustainability and technical viability, as well as closer partnerships with European value chains.
“We work with partners across Africa to help turn promising projects into bankable investments,” EIB Vice-President Karl Nehammer said.
Europe’s demand for critical raw materials is “rising fast”, driven by the clean energy and industrial transition, stated European Commissioner for International Partnerships Jozef Síkela.
