New Zealand-based diversified energy provider, Genesis Energy Ltd (ASX: GNE) has failed to get its share price to rally after releasing its third-quarter performance report. At the time of writing, the Genesis Energy share price is down 0.31% to $3.19.

A mixed bag of results has been met with a mixed reception from investors. Let’s take a look over what the energy provider released today.

Customers dwindle

The Genesis Energy share price is on the slide today after the company advised its total customers declined, despite a 20% surge in total energy generation compared to last year. With a 2.4% fall, total customers took a step backwards from 486,338 to 474,702 by the end of the March quarter.

The issue stems from a high net customer churn rate of 15.2% on a 3-month rolling average. Genesis has been taking steps to try to reduce this by building customer engagement.

One such initiative has been the company’s ‘Power Shout hours’, which offers free energy from its rewards program. Genesis gave its customers over 1.2 million Power Shout hours over the quarter. Management believes this was responsible for the 19% increase in the company’s interaction net promoter score.

In addition, the re-platforming of Genesis Energy’s sales, service, and billing technologies is on course as planned. A decision is expected to be made by the end of FY21 from the company’s shortlist of potential suppliers.

Gas and oil out of favour

Although Genesis’ total energy generation was comprised of 31% gas, volumes fell drastically during the quarter. The retail segment of the business recorded a 20% fall in total LPG sales volumes. Meanwhile, gas generation for the wholesale segment declined 25% to 605 GWh.

At the same time, the Kupe oil and gas field continues to undergo strategic review. The company noted strong interest from potential buyers for Genesis’ stake. Coincidentally, The Australian Financial Review recently reported on natural gas beginning to get a bad rap with emission-conscious investors.

On a positive note, Genesis Energy’s renewable generation increased by 15% to 487 GWh – demonstrating the energy provider’s green shift.

Genesis share price snapshot

The Genesis share price has been trending upwards, returning 16% in the past 12 months. However, this is still an underperformance compared to the S&P/ASX 200 Index (ASX: XJO), which has increased by around 31% over the last year. 

Despite the slowdown in customer growth, Genesis shares are still trading at a price-to-earnings (P/E) ratio of 38.9. 

More reading

• Brokers weigh in on Galaxy (ASX:GXY) and Orocobre (ASX:ORE) merger
• Why the Bank of Queensland (ASX:BOQ) share price is charging higher today
• Afterpay (ASX:APT) share price: Is a US listing a game changer?
• Why the Sydney Airport (ASX:SYD) share price is trading lower today
• Hub24 (ASX:HUB) share price slides despite record growth

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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ASX lithium heavyweights Galaxy Resources Limited (ASX: GXY) and Orocobre Limited (ASX: ORE) are the latest ASX mining shares to join hands and emerge as a global mining heavyweight. 

Under the Scheme of Arrangement, Orocobre will acquire 100% of the shares in Galaxy. The combined group will create the fifth-largest global lithium chemicals company. 

This follows the Northern Star Resources Ltd (ASX: NST) and Saracen Mineral Holdings (ASX: SAR) merger which saw the combined group climb the rankings to emerge as a global top 10 gold producer.

Big brokers have digested yesterday’s news and provide their opinions below. 

Brokers weigh in on the Galaxy and Orocobre merger 

Brokers are largely positive about the merger. However, they are reserved with their new share price targets. And understandably so, with the Galaxy and Orocobre share prices surging a respective 380% and 205% in the past 12-months. 

Citi has observed the many benefits of the board-endorsed $4 billion merger. This includes scale benefits on operations, the marketing potential on improved product mix, and lower corporate overheads. The broker is still waiting for the company to quantify these synergies. For the time being, it assumes that the ‘MergeCo’ could be 5-12% earnings per share accretive in FY22 and FY23.  

Citi is ‘buy’ rated on Ocorobre shares with a $6.75 target price. 

Similarly, Macquarie believes the merged entity will provide synergies and accelerate the development of Argentinian operations. The combined group would also form a stronger base to fund its growth projects. 

Macquarie rates Orocobre shares as an ‘outperform’ with a $7.10 target price. 

Morgan Stanley was the only broker to have a negative target price despite its positive commentary. The broker believes the merger would “benefit both parties via scale, balance sheet capacity, and the ability to better sequence growth projects”. 

Despite having nothing negative to say about the merger, it was ‘equal-weighted’ on Orocobre shares with a target price of just $4.35. 

Orocobre shares have run more than 30% in April and currently fetching $6.53. While Galaxy shares have run more than 40% to $3.84. 

More reading

• ASX miners in focus as the copper price looks poised to crack above 10-year highs
• 5 things to watch on the ASX 200 on Tuesday
• Why Eagers Auto, Orocobre, Sims, & Titomic shares are storming higher
• Galaxy Resources (ASX:GXY) share price jumps on merger news
• Galaxy (ASX:GXY) and Orocobre (ASX:ORE) announce mega lithium merger

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Bank of Queensland Limited (ASX: BOQ) share price has been a positive performer on Tuesday.

In afternoon trade, the regional bank’s shares are up over 2% to $9.11.

This compares to a 0.35% decline by the S&P/ASX 200 Index (ASX: XJO).

Why is the Bank of Queensland share price pushing higher today?

There have been a couple of catalysts for the solid performance by the Bank of Queensland share price on Tuesday.

One of those was the release of an announcement clarifying an aspect of its recent half year results release.

According to the release, the bank has amended its earnings per share and weighted average number of shares figures in accordance with AASB 133.

This has resulted in earnings per share increasing slightly from what it reported with its results earlier this month. Though, it is important to note that there is no change in respect to growth rates between the first half and the prior corresponding period.

Diluted earnings per share for the first half is now 32.8 cents per share. This is up 4% on the prior corresponding period and 120% on the second half of FY 2020. This compares to the 31.8 cents per share reported previously.

What else is supporting its shares?

Also giving the Bank of Queensland share price a boost today was a broker note out of Morgan Stanley.

According to the note, the broker has upgraded the bank’s shares to an overweight rating with an improved price target of $10.00.

This price target implies potential upside of approximately 10% for its shares over the next 12 months excluding dividends.

Morgan Stanley was pleased with the bank’s performance in the first half and expects more of the same in the second half. And while it doesn’t expect the acquisition of ME Bank to necessarily boost its growth prospects, it sees positives from scale benefits and geographic diversification.

More reading

• Top brokers name 3 ASX shares to buy next week
• Is the Bank of Queensland (ASX:BOQ) share price great value?
• 5 things to watch on the ASX 200 on Friday
• ASX 200 rises, Zip sinks, BOQ reports
• ASX 200 flat: Zip raises $400m, Bank of Queensland results, Regis crashes

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Afterpay Ltd (ASX: APT) share price has been an interesting performer today. Afterpay shares opened a substantial 2.4% higher this morning at $129.09 a share, only to rapidly give up those gains soon after. At the time of writing, Afterpay shares are $126.02, down 0.14% for the day.

Even so, that share price still leaves the buy now, pay later (BNPL) pioneer more than 24% higher in April so far.

So why did Afterpay shares spike this morning? Well, as we covered earlier today, the company released an impressive update for the quarter ending 31 March 2021. Afterpay reported sales growth of 123% over the quarter, including an eye-watering 2,211% jump in US sales. active customer numbers also rose 75% to 14.6 million.

However, one of the biggest announcement had nothing to do with growth numbers at all. Afterpay is now considering a listing on the US markets. Here’s some of what the company had to say on the matter:

Afterpay is currently working with external advisors to explore options for a US listing given the US market is now the largest contributor to our business and is expected to continue to grow strongly... While Afterpay intends to remain an Australian headquartered company, our shareholder base is increasingly becoming more globally focused. A US listing would further accommodate this growing interest.

Are Afterpay shares coming to America?

So will a US listing, if it does indeed occur, boost the Afterpay share price to new heights?

Well, there’s a good chance it will, at least temporarily. The ASX is a relative minnow compared to the whale that is the American market. According to the ASX, the Australian share market has a rough market capitalisation of $2.31 trillion (US$1.8 trillion), as of 31 March 2021. By comparison, a report from Siblis Research estimates the market cap of the combined US markets at US$49.11 trillion ($63.07 trillion).

In other words, there’s a lot more money sloshing around across the Pacific than on the ASX. It’s conceivable that a hip, trendy company like Afterpay would find some considerable interest in the US markets. Especially considering its healthy US expansion.

Now, this might not be as much of a gamechanger as it initially might seem. As an ASX 20 company, Afterpay has long reached the size where it would be on the radar of US fund managers. Especially considering its inclusion in the MSCI Australia Index last year.

Nevertheless, it’s hard to see a US listing being detrimental to Afterpay’s share price. Perhaps Afterpay will join that other emblem of Aussie tech – Atlassian Corporation (NASDAQ: TEAM) – in showcasing what kind of tech companies Australia can produce on the world’s largest market. We’ll have to wait and see, so watch this space!

More reading

• ASX 200 down 0.4%: Afterpay delivers stellar Q3 growth, Rio Tinto Q1 update
• Declining birth rates could threaten the A2 Milk (ASX:A2M) share price
• This major US bank has bought 6% of Zip (ASX:Z1P) shares
• Why the Afterpay (ASX:APT) share price is in focus
• 5 things to watch on the ASX 200 on Tuesday

Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Atlassian. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is trading lower on Tuesday afternoon.

At the time of writing, the airport operator’s shares are down 2% to $6.02.

Why is the Sydney Airport share price trading lower today?

Investors have been selling Sydney Airport’s shares following the release of its latest update on passenger numbers.

According to the release, total passenger traffic in March 2021 was 1,153,000 passengers. This is down 42.6% on the prior corresponding period in 2020 and 68.4% on the corresponding period in 2019.

As you would expect, almost all of these passengers are passing through its domestic gates.

During the month, domestic passengers totalled 1,120,000. While this was down only 15.1% on March 2020’s numbers, it is still down a meaningful 52% on the same period in 2019 before COVID-19 was a thing.

In respect to international travel, a total of 33,000 international passengers passed through Sydney Airport in March. This was down a massive 95.2% on the prior corresponding period and 97.5% on the corresponding period in 2019.

Once again, management has warned that the downturn in international passenger traffic is expected to persist until government travel restrictions are eased. Though, it will be given a boost from the opening of the trans-Tasman travel bubble this week.

Credit Suisse estimates that this route was responsible for 7% of total passenger traffic and 18% of international passenger traffic prior to the pandemic.

Is the Sydney Airport share price in the buy zone?

According to a note out of Credit Suisse this morning, its analysts have retained their underperform rating but lifted their price target to $5.30. This price target implies potential downside of almost 12% over the next 12 months.

However, one broker that is a lot more positive on Sydney Airport share price is Goldman Sachs.

Earlier this month the broker retained its buy rating and $6.73 price target on its shares. This implies potential upside of 12% for its shares over the next 12 months.

And rounding things off, analysts at Macquarie are sitting on the fence with their neutral rating and $6.32 price target.

More reading

• Leading brokers name 3 ASX shares to sell today
• Australia-NZ bubble now open! The 4 ASX shares impacted
• ASX 200 Weekly Wrap: ASX 200 hits new post-COVID high
• 2 high quality ASX shares for your retirement portfolio
• Flight Centre (ASX:FLT) share price falls despite border reopening hints

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Hub24 Ltd (ASX: HUB) share price started the day in the green but has since slumped. At the time of writing, shares in the fintech company are trading at $23.97 – down 1.28%.

Today’s share price movement comes following the company’s release of its FY21 third quarter (Q3) results. For context, the S&P/ASX 200 Index (ASX: XJO) is also trading lower, down 0.36%.

Let’s take a closer look at today’s announcement.

Hub24 share price rollercoaster

The Hub 24 share price is on a wild ride today despite the company announcing a 41% increase in net cash inflows on the prior corresponding period (pcp) to $1.9 billion. During all of FY21, the average monthly net inflows were $556 million, up 35% on FY20’s monthly average.

The company advised it now manages $51.4 billion worth of funds – up 236.7% on the pcp. This includes $17.2 billion brought in by Xplore Wealth, which Hub24 acquired during the quarter. Platform funds under administration ($35.6 billion) were up 136% on the pcp. The remaining $15.8 billion of funds was via portfolio, administration and reporting services. 

According to Hub24, from December 2019 to now, its market share has increased from 1.75% to 2.5%. Including Xplore Wealth, the company’s total market share is 4.3%.

Other updates

Hub24 also confirmed it now owns one-third of all shares in Easton Investments Ltd (ASX: EAS). Hub24 will now share its HUBconnect Insight compliance monitoring software with Easton.

As well, the company plans to launch its investment and superannuation offering with IOOF Holdings Limited (ASX: IFL) in the last quarter of FY21. Hub24 is also collaborating with Aberdeen Standard Investments Australia Limited on a “bionic advice solution”. Hub24 hopes the new offering will facilitate the entering of new customer segments.

Finally, the Clearview Wealth Ltd (ASX: CVW) “bulk transaction” (approximately $1.3 billion) is also expected to be completed in the last quarter of this financial year.

Investors will likely be keeping an eye on the company’s expansion plans to see whether they translate to growth in the Hub24 share price.

Hub24 share price snapshot

Over the past 12 months, the Hub24 share price has appreciated by around 145%. The share price is, however, around 11% lower than it was in mid-February this year.

Shares in the company went from $26.86 on 15 February to bottom out at $19.48 by 5 March. A swift recovery (the Hub24 share price closed at $25.45 on 17 March) was followed by another fall. By 30 March, shares were valued at $19.89 each. Since then, the company’s value has recovered to its current level.

Hub24 has a market capitalisation of $1.7 billion.

More reading

• Why brokers think these 3 top performing ASX 200 shares can beat the market
• 2 ASX tech shares rated as buys by brokers
• Top brokers name 3 ASX shares to buy today
• These were the worst performers on the ASX 200 last week
• Top broker urging investors to take profit now on this outperforming ASX share

Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd. The Motley Fool Australia has recommended Hub24 Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Magellan Financial Group Ltd (ASX: MFG) was once considered one of the best ASX 200 growth shares out there. Investors enjoyed an incredible run up between January 2019 and February 2020. Over that short period, Magellan shares went from just under $23 a share to well over $73 – a gain of 222% in just 13 months.

But Magellan has not recovered nearly as well from the coronavirus pandemic as the S&P/ASx 200 Index (ASX: XJO) has since. As it stands today (at the time of writing), Magelang shares are trading for $47.58. That’s a good 35% off of those February 2020 highs, and more than 27% below what the company was trading for back in August last year.

The Magellan share price seems to be going sideways.

So what happened to this ASX share? Magellan used to be loved for its leveraged exposure to the ASX and the US markets, considering its funds’ management nature.

Fund managers are actually a relatively simple business to understand. They make money in two ways – by increasing funds under management (FUM) and by delivering market performance, preferably outperformance.

Let’s look at Magellan’s FUM first then.

Fee fi fo FUM

Magellan’s FUM has remained remarkably consistent over the past 18 months. Back in February 2020, Magellan told the markets that, as of 31 January 2020, it had $104.31 billion in FUM. As we discussed last week, Magellan reported FUM of $106.05 billion in FUM as of 31 March 2021. That’s a pretty solid, if not overly inspiring, comparison there. It indicates that Magellan’s investors hed their faith in the company’s funds over the significant market volatility and turmoil we saw last year.

So let’s now turn to the performance of Magellan’s funds themselves to see how they measure up. This company has long been able to attract investors with its focus on the US markets. And its ability to deliver market-beating returns, of course.

What about Magellan’s returns?

So, let’s first look at Magellan’s flagship Global Fund, of which there is a listed version in the Magellan Global Fund (ASX: MGF). According to Magellan, the Global Fund has returned 4.52% over the past 12 months (as of 31 March 2021) after fees. It has averaged 13% per annum over the past 3 years, 12.57% per annum over the past 5 and 15.88% over the past 10.

By comparison, the MSCI World Net Total Return Index (AUD), which is the benchmark Magellan follows, has delivered 23.78% over the 12 months, 13.08% per annum over the past 3 years, 13.58% over the past 5, and 12.85% over the past 10.

In other words, the Magellan Global Fund has mirrored or underperformed its index. The past year has been especially damaging to the company’s longer-term performance metrics, given that 13%+ underperformance.

Magellan’s High Conviction strategy, used in both a managed fund and its listed equivalent, the Magellan High Conviction Trust (ASX: MHH), has not fared much better. It has delivered 13.18% over the past year (again, as of 31 March). But 11.04% on average over 3 years, and 12.08% over the past 5.

By comparison, investing in a simple S&P 500 Index (INDEXSP: .INX) fund, like the iShares S&P 500 ETF (ASX: IVV), would have gotten an investor 25.4% over the past year, 16.7% per annum over the past 3 years, 16.3% over 5, and 17.3% over 10.

Plus, this exchange-traded fund (ETF) charges a management fee of just 0.04%. Compare that with Magellan Global Fund’s 1.35% fee, or the High Conviction fee of 1.5%.

Investors don’t usually like paying large management fees if the fund in question doesn’t justify said fee through index outperformance. This is likely to be what is weighing on the Magellan share price over the past few months.

More reading

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Motley Fool contributor Sebastian Bowen owns shares of Magellan High Conviction Trust. The Motley Fool Australia has recommended iShares Trust – iShares Core S&P 500 ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Magnum Mining and Exploration Ltd. (ASX: MGU) share price is rocketing today, after news the company will have a green hydrogen plant built at its Nevada facility. It has also signed a new marketing agreement.

At its intraday high, the Magnum share price was up by a whopping 16%.

At the time of writing, shares in the company have dropped to 19 cents, which is still a gain of 8.5% on yesterday’s closing price.

Let’s take a closer look at the news out of the mining and exploration company.

Magnum’s green hydrogen future

Today, Magnum shared the news it has signed an exclusive green hydrogen supply agreement with AVF Energy.

The agreement will see AVF Energy building and funding a green hydrogen plant at Magnum’s Nevada steelmaking facility. The hydrogen is deemed ‘green’ as it will be produced from waste products.

The agreement will allow Magnum to purchase green hydrogen from AVF Energy for 10% less than the market rate.

As a result, Magnum will be able to market its hot briquetted iron (HBI) and high purity iron (HPI) products to the US steel market and battery industry as ‘green friendly’.

A clause of the agreement is, if AVF Energy is unable to provide the quantities of hydrogen power needed to run Magnum’s facility, Magnum can seek out other suppliers.

A new marketing agreement for Magnum

Magnum has also signed a non-exclusive sales and marketing agreement with M Resources Trading Pty Ltd.

The agreement will see M Resources acting as Magnum’s sales agent for its magnetite, HBI, HPI, pig iron, and steel products in the US.

As part of the arrangement, Magnum will pay M Resources between 1% and 1.5% of the sales revenue.

Magnum will also issue M Resources with 20 million stock options. These will have a strike price of 20 cents and a 3-year duration.

Commentary from management

Magnum’s managing director Dano Chan commented on the news the company released today:

The agreements with AVF Energy allow Magnum to fast track its mining and green steel development for the local domestic market in the United States. The Company is also well positioned to take advantage of the Biden Administration infrastructure stimulus and to service the growing demand for green friendly infrastructure particularly from California.

Magnum share price snapshot

The Magnum share price is having a great year on the ASX, with today’s news giving it its latest boost.

Currently, the Magnum share price is up 280% year to date. It’s also up by 375% over the last 12 months.

Magnum has a market capitalisation of around $74 million, with approximately 425 million shares outstanding.

More reading

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The National Australia Bank Ltd. (ASX: NAB) share price is falling slightly today. This comes after its chair, Phil Chronican, said credit limitations would be a “rational” response to curb the booming housing market.

Founded in 1982, NAB is among the largest listed companies on the ASX. It is also one of the “big four” Australian banks in terms of market capitalisation, earnings, and customers. In addition, it is the 21st largest bank in the world by market capitalisation.

At the time of writing, the NAB share price is down 0.41% to $26.58.

Limiting Australia’s housing boom

Record-low interest rates have led to a surge in Australian house prices. Currently, prices in Australia’s capital cities are rising at their fastest rate in 32 years.

Chronican said this was the expected result of the reserve bank’s cash-rate policy. Additionally, he stated that the government could focus on macroprudential policies instead. Chronican believes this could curb the housing boom without losing the positive effects of a low rate.

Macroprudential policies are centralised regulatory controls in the financial market. They are aimed at identifying and reducing systemic risks. In this case, Chronican believes such policies would be focused on limiting borrowing and credit lending amounts.

Management commentary

According to the Sydney Morning Herald, Chronican told a Governance Institute lunch in Sydney:

Chronican continued:

There are plenty of economies, particularly in economies like Singapore and New Zealand, where macroprudential policies have been brought in for short periods of time to take the heat out of the market. And if that happens, then as I said, that would be understandable,” 

And I just point out that we’re seeing this strong house price growth at a time when Australia’s population growth is at record lows. You can imagine what the pressure is going to be like as migration is reopened in the coming years.

NAB share price falls against strong 2o21 gains

The NAB share price has fallen slightly today but has performed well in 2021 so far, up 17%.

This far exceeds the growth of the Commonwealth Bank (ASX: CBA) share price, which has gained 7%. However, it is still below both ANZ (ASX: ANZ) share price gains of 23% and runaway leader Westpac (ASX: WBC), which is up 30%. 

More reading

• ‘Worst performer’: ASX bank shuts 146 branches since COVID
• The Westpac (ASX:WBC) share price is the best performing of the big four banks in 2021
• Commonwealth Bank (ASX:CBA) CEO hits out at Afterpay and BNPL providers
• ASX 200 Weekly Wrap: ASX 200 hits new post-COVID high
• 2 ASX dividend shares with generous yields in 2021

Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The EcoGraf Limited (ASX: EGR) share price is up after news the Australian Government has re-announced its Battery Anode Materials Facility’s Major Project Status.

At the time of writing, the EcoGraf share price is 62.5 cents, 1.63% higher than yesterday’s close.

Let’s take a closer look at the graphite producer’s news.

Major Project Status

The federal government bestowed the Kwinana Battery Anode Materials Facility’s project with its new status in March this year, but re-announced it yesterday. The day the news was first announced in March the EcoGraf share price closed 11% higher than the previous session.

Yesterday, the news came from a joint media release from the Minister of Industry, Science and Technology, the Hon Christian Porter MP, and the Minister for Resources, Water and Northern Australia, the Hon Keith Pitt MP.

Together, the MPs said the project supports both the Australian Government’s Critical Minerals Strategy and Western Australia’s Future Battery Industry Strategy.  

Companies awarded with Major Project Status are eligible for support from the Major Projects Facilitation Agency. This support includes a single-entry point for Australian Government approvals, project support and coordination.

The Kwinana Battery Anode Materials Facility, located near Perth, is still under construction.

In the media release, Minister Porter said the project is bringing multiple benefits to Western Australia, including up to 250 new jobs during construction and up to 65 new jobs during operation. He said:

The Australian Government is committed to boosting investment in the Australia’s critical minerals industry to help build our sophisticated manufacturing capability and deliver new jobs across the country, and particularly to our regional areas.

Minister Pitt said the project’s new status recognised its significance to Australia:

EcoGraf is an excellent example of what we want to see more of in Australia – our raw materials being downstream processed right here in Australia, adding value to our exports and creating well paid and sustainable jobs for Australian workers in the process. 

EcoGraf share price snapshot

Today’s news it the latest boost for the EcoGraf share price, which is having a roaring year on the ASX. Many investors are eyeing the company’s incredible growth.

Currently, the EcoGraf share price is up a whopping 267% year to date. It’s also bloomed 941% over the last 12 months.

EcoGraf has a market capitalisation of around $279 million, with approximately 454 million shares outstanding.

More reading

• Up 940% since last year: What’s with the EcoGraf (ASX:EGR) share price?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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