EGT - A mystery since 2013?

In 2013 Kibaran signed an offtake agreement with an European Graphite Trader ('EGT') for 10,000 tpa.
For a long time people suspected that SGL Carbon with its ties to BMW is the EGT, but I think this was already denied.

Now Kibaran was announcing that they are already testing to recycle battery anode material and aim to enter this market.

As well it is known that especially the EGT is looking at EcoGrafs spherical graphite, additionally to the offtake in place for Epanko Graphite.

Kibaran used to mention the Graphite applications in the insulation market in their announcements. And one of the big players in this space is BASF with its patented product 'Neopor', they even increased production capacities for Neopor in 2018.

Furthermore Kibaran refered to BASF in several announcements. (see: September Quarterly 2018 and June 2018).

And BASF is going to be a player in battery recycling as well is part of many European Battery alliances backed by the European Commission. BASF is a big player in supplying cathode material for batteries. They partnered with Norilsk Nickel and Fortum to build a recycling plant for batteries in Finland.

Now BASF is even located in Kwinana, where Ecograf/Kibarana wants to build their first spherical graphite plant!

I think BASF is the EGT. Ecograf has an offtake with them for Epanko Graphite and they are looking at the spherial graphite/battery recycling.

Furthermore that is the reason why KfW sticks with us. BASF with 62€ billion and Thyssen-Krupp with 35€ bn revenue have offtake agreements with us and KfW aims to secure the critical minerals.

That is my guess and my opinion but if the EGT is BASF and they are looking to increase the partnership with us apart from the Epanko offtake, this will be huge. Could be the reason why Andrew is so relaxed.