December 20, 2016, Toronto: Great Lakes Graphite Inc. (“GLK” or the “Company” TSX-V:GLK, OTC-PINK:GLKIF, FWB:8GL) announces that a report published on the Benchmark Minerals Intelligence website details Hitachi Chemical plans to expand their graphite anode capacity by four-fold in four years. The expansion is underway to prepare for the global wave of demand from lithium ion battery megafactories that are currently under construction.
Benchmark Minerals Intelligence, recognized as the leading source for information on battery input materials, referred to this news as, “…the most significant development for the lithium ion battery anode industry and flake graphite feedstock sector to date.” The report notes that Hitachi is investing up to $90m to expand its capacity in Japan to produce 100,000 tonnes of graphite anode material by 2020. The report estimates 2017 demand will grow almost 17% to 122,000 tonnes, up from 105,000 tonnes in 2016.
Paul Gorman, CEO of Great Lakes Graphite said, “Critical links in the battery supply chain required to support a projected massive increase in demand are beginning to come into view as we get information such as this report from Benchmark Minerals. Great Lakes Graphite is moving quickly to bring together capabilities that will enable us to participate in this supply chain through the high volume manufacturing of high purity micronized graphite, prepared for use as a battery input material.”
The complete report is available here:
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company focussed on bringing value-added carbon products to a well-defined market.
The Company has entered into long-term agreements for use of the Matheson Micronization Facility and for supply of high quality natural graphite concentrate (see news release dated 03/23/15) which have positioned Great Lakes Graphite to become an emerging domestic manufacturer and supplier of micronized products to a growing regional customer base where pricing and demand continue to rise.
Further information regarding Great Lakes can be found on the Company’s website at: www.GreatLakesGraphite.com.
Great Lakes Graphite trades with symbol GLK on the TSX Venture Exchange and currently has 123,444,330 shares outstanding.
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Caution Regarding Forward Looking Information: Certain statements in this press release may constitute “forward looking information” which involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this press release, such forward looking information may use such words as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. Forward looking information is provided for the purpose of presenting information about management’s current expectations relating to the future events and the operating performance of the Company, and readers are cautioned that such information may not be appropriate for other purposes. The forward looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the ability of the Company to fulfill the orders and future orders, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of Great Lakes operates. The foregoing list of factors is not exhaustive. Please see the Company’s financial statements, MD&A and other documents available on www.sedar.com , for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.