Shareholder Update – 18 July 2025
U.S. Department of Commerce Issues Preliminary Antidumping Duties of 93.5% on Chinese Anode Material
Greenwing Resources Ltd (‘Greenwing’ or the ‘Company’)(ASX:GW1) notes the preliminary affirmative determination by the U.S. Department of Commerce to impose antidumping duties of 93.5% on graphite based active anode materials. Inclusive of existing measures the effective tariff rate has now reached 160%.
Greenwing views these measures as deliberately aimed at encouraging a diversity of supply of Graphite concentrates with China currently accounting for over 90% of global graphite exports.
Graphite concentrates are a critical industrial input to now global established industry and underpin multiple supply chains. At present the majority of graphite is sourced from a single jurisdiction, and the Company’s 100% owned Graphmada Graphite Mine, located in Madagascar, is well placed as an advanced asset outside of this jurisdiction with all established infrastructure and a record of production and export to all affected markets including the United States, the European Union and others.
Highlights:
- US Department of Commerce finds preliminary evidence of dumping by Chinese Graphite producers.
- Provisional antidumping duties of 93.5% have been applied to Chinese Graphite concentrates.
- In the current evolving global trade environment, the dominance of one single source of graphite concentrates is an emerging and critical risk. Reliable supply of graphite concentrates underpins both major industry and supply chains across the global economy.
- Graphmada is well placed to capitalise as key jurisdictions seek to diversify supply channels for their Battery industries and in doing so address energy supply concerns.
- The Graphmada Graphite project produced graphite from 2018 to the outbreak of Covid in 2020 supplying graphite concentrates into the US, EU, India and other key markets and produced all concentrate specifications from super jumbo to battery anode concentrates.
- Graphmada currently has a resource of 62mt with Mineral Resource of 61.9Mt at 4.5% FC, total contained graphite of over 2.7 Mt(1)
Greenwing is encouraged by this preliminary ruling of the US Department of Commerce to introduce tariffs of up to 721% on both synthetic and natural graphite anode material from China.
Greenwing sees this development as unambiguously positive news for its 100% Graphmada Graphite mine located in Madagascar that has previously produced natural graphite anode concentrates for sale into the United States.
Graphite remains the largest battery material by volume accounting for in excess of 95% of a lithium battery anode. The strategic risk posed by a dominant supplier to the battery industry in not only the US but the EU, Japan and other jurisdictions is emerging in an environment of evolving trade policy settings.
Graphite is classified as a critical mineral by the United States, the EU, Japan and other jurisdictions
CEO/Executive Director Comment:
Graphmada is an advanced asset with a history of both production and sales of all graphite concentrate specifications into key markets. The guaranteed supply of graphite is critical to the battery industry and its participants in multiple economies and underpins multiple high profile industries. At present the market is characterised by an over reliance on one source of supply which in the evolving global trade environment is an emerging critical risk. Graphmada has significant strategic value with an established record of production and meeting product specifications in addition to an asset under mining lease with a substantial resource.
View the full update by clicking on the link below:
GW1 Shareholder Update – US Department of Commerce comments – July 18th
