A large mining company in the Bering Straits region is one step closer to developing the nation’s largest graphite deposit.
The project, located just 37 miles north of Nome, was discovered to hold the nation’s largest graphite deposit with nearly 11 million metric tons at a grade of 7.8% carbon. The area can yield up to 850 thousand metric tons of graphite material. Graphite mining has been inactive in the United States since the 1950s and has been import dependent since 2020.
The BSNC board of directors unanimously approved the motion supporting Graphite Creek, according to a statement released earlier this week (September 5). BSNC provided an option to additional $8.4 million in the future, bringing the total investment to $10.4 million. Graham described the corporation’s contribution as a long-term investment for the Bering Straits region.
“While it’s hard to quantify at this period in time in their project, we have been told by the leadership of Graphite One that they’re very committed to growth in our region and of our people.”
BSNC Board Chair Cindy Massie said in the statement, “After careful review and many long discussions, we believe Graphite One shares our values of land stewardship and providing benefits to the region.” Massie continued, “Our investment in Graphite One is about providing opportunities for BSNC shareholders and being proactive about the future of our region.”
The investment agreement includes an advisory board composed of BSNC and Graphite One members to share expertise and information with residents of the region. The advisory board member has not yet been elected by the BSNC board of directors.
“It’s gonna be a board made up of some of their experts, both technically, and some of their other investors, and then Bering Straits (Native Corp.) will be able to have a member on that board.”
The agreement will follow community meetings with local residents and Graphite One officials this year.
Residents of western Alaska voiced their concerns about the project affecting their subsistence lifestyle in 2019. Despite their concerns, the project continued. Graham said the effect on subsistence was a concern for BSNC that they spoke to Graphite One officials about in detail.
“They have gone well out of their way to assure us that the footprint will be as small as possible and that the impact on subsistence resources for our people will be minimized wherever possible. And, they’ve also been really open to things like the workforce being able to leave their jobs and have their jobs when they come back after subsistence.”
The BSNC advisory board member will represent residents throughout the Bering Straits region.
“It will really be up to everyone on that board to voice their opinions and be able to pass along what they’re hearing from their constituency.” (:11)
Anthony Hustin, President and CEO of Graphite One said in the statement, “We are grateful for and humbled by BSNC’s support. Working collaboratively, we can make Graphite Creek a project to be modeled after in Alaska and nationwide.” Huston continued, highlighting BSNC’s commitment to community and heritage, “All of us at G1 look forward to partnering with BSNC on ways to make our project a model not just for Alaska – but for a nation that is navigating the transition to a new energy future.”
Over the summer, on-site work took place at Graphite Creek, including drill rigs operating, and ongoing environmental and geotechnical studies.
Once operational, production from Graphite One will significantly reduce the reliance on other nations for graphite. The investment builds upon the federal government’s investment in Graphite One of $37.5 million through the Department of Defense (DOD) to fund the completion of a feasibility study.
