Graphite One Inc., a critical minerals mine in the planning stages that already has a major investment from the Department of Defense, has a new major investor: Bering Straits Native Corporation, which has committed up to $10.4 million.
This is not just an investment in Graphite One, it is a long-term investment in the region, the Native corporation said in a statement.
“We at BSNC have watched for years as Graphite One has worked to advance the Graphite Creek project and become a friendly neighbor in the region,” said Dan Graham, BSNC Interim President and CEO. “Graphite One has told us of its intent to develop an environmentally responsible project and provide an exciting economic opportunity for the region that hopefully will play a crucial role in the nation’s transition to a clean energy future. This is at the heart of our Board’s unanimous support of the project.”
Formed in 1972 under the Alaska Native Claims Settlement Act, BSNC is the regional Alaska Native Corporation for the Bering Strait region, which includes the Seward Peninsula in Western Alaska and the coastal lands surrounding Norton Sound. The Graphite Creek Project is located on state and private land in the BSNC region.
The Graphite One Project, an owner-operated, year-round truck-and-shovel operation situated near Nome, in July announced received a $37.5 million grant from the Department of Defense, which wants to source graphite materials from the U.S., rather than overseas.
A domestic supply is crucial for the production of large-capacity batteries used in various defense applications, the Defense Department said.
Graphite One plans to mine graphite from Graphite Creek and ship it to Washington State for processing. The project is still in planning and investment stages and not yet into the permitting phase.
