The Canadian graphite miner formerly known as SRG Mining (TSXV: SRG) completed this month its re-domiciliation to the United Arab Emirates in a move that would make it easier to secure foreign investments.
In a news release this week, SRG, now rebranded as Falcon Energy Materials, said it will continue to trade in the Canadian market under a new ticker symbol (FLCN) while maintaining its new headquarters in Abu Dhabi.
The company completed its re-domiciliation to UAE in early July, a move that it says would provide the company with “expanded strategic options” as it advances partnership discussions. The name change was also announced to reflect a significant symbol in UAE culture.
Falcon Energy is currently developing the Lola graphite project in the Republic of Guinea. The UAE has double taxation and bilateral investment treaties with the African nation, the company noted.
“The equity markets in Canada are tough at the moment,” Falcon’s CEO Matthieu Bos said in an interview with the Financial Post. “The Middle East is booming on all fronts. It’s an interesting place to do business … let’s just pick up shop and look where the money is, where the desire is to really make this (electric vehicle) value chain.”
The Canadian government, meanwhile, has begun introducing policies that make it more difficult for foreign entities, especially those from China, to invest in its critical minerals sector. In March, Falcon (then SRG) was forced to cancel a tie-up with Chinese anode materials manufacturer C-ONE.
The transaction would have seen C$16.9 million ($12.7 million) invested into the company, as well as a partnership formed to build an anode facility in Morocco, where Falcon plans to process the graphite mined from the Lola site.
The Lola deposit is estimated to contain mineral resources of 46 million tonnes (measured and indicated) grading 4.09% graphitic carbon, for 1.88 million tonnes of graphite material. Over half of the graphite at Lola is considered large flake (+80 mesh), and 26% is “jumbo” flake material (+50 mesh ), Falcon said.
Source: MINING.COM – Read More
