Governor Ivey and Congressman Rogers
highlight ceremony for construction of $202 million plant in Coosa
County
Alabama Gov. Kay Ivey, Congressman Mike Rogers, and numerous
other state and local government officials and business leaders
joined Westwater Resources, Inc. (NYSE American: WWR) and its
subsidiary Alabama Graphite Products, LLC (collectively the
“Company”) in breaking ground today for the construction of the
Company’s graphite processing plant in Kellyton, just outside
Alexander City, Alabama.
The $202 million plant, which is being built in the Lake Martin
Regional Industrial Park just off U.S. 280 in Coosa County, will
process raw graphite into refined, battery-grade graphite for use
in batteries that power electric vehicles (EVs), electronics and
many other products. Once completed, Phase I of the facility is
expected to employ at least 100 people at an estimated average
hourly wage in excess of $21 per hour and when fully operational is
expected to produce 7,500 metric tons of refined graphite each
year.
“The construction of this plant is the result of a lot of work,
cooperation, planning and vision by numerous people over a number
of years,” said Chad Potter, President and CEO of Westwater
Resources and Alabama Graphite Products. “I want to thank our
incredible team, which envisioned and laid the foundation for what
is the first graphite plant of its kind anywhere, as well as our
state and local partners who made this day possible.”
Refined graphite is used as the anode in lithium-ion batteries
that are found in EVs and other products, as well as a conductivity
enhancer for all types of batteries, including the common lead-acid
batteries in traditional vehicles. The batteries found in an
average EV need about 175-200 pounds of graphite. There are
currently no producers of natural-grade graphite in the U.S. for
these types of products. Currently, the refined graphite used in
lithium-ion and other batteries is primarily imported from China.
As a result, the U.S. government has declared graphite a critical
strategic mineral.
Gov. Ivey joined numerous state and local government officials
and business leaders who took part in the groundbreaking
celebration at the Kellyton site. She said the plant will put
Alabama at the top echelon in the production of an essential
material for EVs and other batteries.
“Alabama, which is home to Mercedes-Benz, Honda, Hyundai, Toyota
and Mazda, is among the top four states in the nation in automobile
production,” Gov. Ivey said. “This plant will make Alabama an even
bigger player in the fast-growing electric vehicle sector. It also
creates jobs and will serve as a catalyst for economic development
in the region, which my administration has worked tirelessly over
the years to bring to the state. As this new manufacturing facility
demonstrates, the fruits of that labor are paying dividends for the
people of Alabama.”
Congressman Rogers praised Alabama Graphite Products for the
jobs and economic development it is bringing to his district.
“Having the first graphite processing of its kind in Coosa County
is a real honor and I believe an indication of what’s to come,”
Congressman Rogers said. “This project will spur more economic
development in the region and more jobs for the people here.”
The plant is being built by Alabama Graphite Products, LLC, a
subsidiary of Westwater Resources. Westwater Resources is a
Colorado-based company focused on developing battery-ready natural
graphite materials for advanced batteries and is committed to
exploring and developing materials for clean, sustainable energy
production.
The Kellyton plant will use a proprietary process to purify the
feedstock and refine it into battery grade graphite. This process
is safer and more environmentally friendly and sustainable than the
hydrofluoric acid-based process commonly used in China and
elsewhere, which requires more water and produces more
environment-damaging byproducts.
“Since our announcement in June of last year that we will build
our state-of-the-art processing plant in Alabama, we have made
significant investments in preparation for the operation of our
plant,” Mr. Potter said. “We have purchased and renovated two large
existing buildings adjacent to the plant site – one for warehousing
and logistical uses, the other for our laboratory and
administrative offices. As our investment of millions of dollars
and our commitment to invest even more indicate, we are firmly
committed to Alabama and this community, and we look forward to
being here for many years to come.”
In addition to the processing plant, the Company plans to
continue advanced exploration activities of a graphite deposit in
western Coosa County in the Alabama Graphite Belt. Westwater
Resources acquired mineral rights to approximately 41,900 acres in
2018 and expects to begin mining operations by the end of 2028.
Until then, the Kellyton plant will import feed graphite acquired
from high-quality sources. There is currently no commercial-level
graphite mining in the U.S.
Mr. Potter thanked the many state and local officials, agencies,
industrial recruiters, associations and businesses that helped make
the project a reality. “The cooperation and assistance we have
received – from tax incentives to utilities to workforce
development – has been incredible. We would not be here today
without their support.”
In addition to Gov. Ivey and Congressman Rogers, other
government officials at the groundbreaking included Alabama
Commerce Secretary Greg Canfield, Alabama Department of Economic
and Community Affairs Director Kenneth Boswell, State Senator Clyde
Chambliss, State Representatives Ben Robbins and Ed Oliver, Coosa
County Commissioners and Alexander City officials. Also in
attendance were representatives from the Lake Martin Area Economic
Development Alliance, the Lake Martin Area Industrial Development
Authority, the Alabama Clean Fuels Coalition, the Alabama Mining
Association, the Energy Institute of Alabama, Alabama Power
Company, and project contractors: Fite Building Company, B.L.
Harbert International, Asimpa, Samuel Engineering and Bailey-Harris
Construction Company.
The Kellyton processing plant is expected to begin operation by
the end of the second quarter of 2023.
For more information about Alabama Graphite Products, go online
to www.alabamagraphiteproducts.com.
About Westwater Resources Inc.
Westwater Resources, Inc. (NYSE American: WWR) is focused on
developing battery-grade natural graphite products. The Company’s
primary project is the Kellyton graphite processing plant that is
under construction in east-central Alabama. In addition, the
Company’s Coosa graphite deposit is the most advanced natural flake
graphite deposit in the contiguous United States — and located
across 41,900 acres (~17,000 hectares) in Coosa County, Alabama.
For more information, visit www.westwaterresources.net.
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to risks, uncertainties and
assumptions and are identified by words such as "expects,"
"estimates," "projects," "anticipates," "believes," "could,"
“scheduled,” and other similar words. Forward looking statements
include, among other things, statements concerning the construction
and operation of the Company’s Kellyton graphite processing
facility, the Company’s Coosa graphite deposit, and the costs and
schedules associated with them. The Company cautions that there are
certain factors that could cause actual results to differ
materially from the forward-looking information that has been
provided. The reader is cautioned not to put undue reliance on this
forward-looking information, which is not a guarantee of future
performance and is subject to a number of uncertainties and other
factors, many of which are outside the control of the Company;
accordingly, there can be no assurance that such suggested results
will be realized. The following factors, in addition to those
discussed in Westwater’s Annual Report on Form 10-K for the year
ended December 31, 2021, and subsequent securities filings, could
cause actual results to differ materially from management
expectations as suggested by such forward-looking information: (a)
the spot price and long‑term contract price of graphite (both flake
graphite feedstock and purified graphite products) and vanadium,
and the world-wide supply and demand of graphite and vanadium; (b)
the effects, extent and timing of the entry of additional
competition in the markets in which we operate; (c) the ability to
obtain contracts with customers; (d) available sources and
transportation of graphite feedstock; (e) the ability to control
costs and avoid cost and schedule overruns during the development,
construction and operation of the Kellyton graphite processing
facility; (f) the ability to construct and operate the Kellyton
graphite processing plant in accordance with the requirements of
permits and licenses and the requirements of tax credits and other
incentives; (g) government regulation of the mining and
manufacturing industries in the United States; (h) unanticipated
geological, processing, regulatory and legal or other problems we
may encounter; (i) the results of our exploration activities at the
Coosa graphite deposit, and the possibility that future exploration
results may be materially less promising than initial exploration
results; (j) any graphite or vanadium discoveries at the Coosa
graphite deposit not being in high enough concentration to make it
economic to extract the metals; (k) our ability to finance growth
plans; (l) the potential effects of the continued COVID-19
pandemic; (m) currently pending or new litigation or arbitration;
and (n) our ability to maintain and timely receive mining,
manufacturing, and other permits from regulatory agencies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220419006039/en/
Westwater Resources, Inc. Terence J. Cryan, Executive
Chairman of the Board Phone: 303.531.0516
Jeff Vigil, VP Finance & CFO Phone: 303.531.0481
Email: Info@WestwaterResources.net
Investor Relations Porter, LeVay & Rose Michael
Porter, President Phone: 212.564.4700 Email:
Westwater@plrinvest.com
Westwater Resources (NASDAQ:WWR)
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