{
  "commitment": {
    "id": "fin-ebrd-2025-sarytogan-equity",
    "eventId": "evt-eu-resourceeu-2025",
    "relationships": [],
    "instrument": "equity",
    "valueRole": "commitment",
    "capitalSource": "public",
    "amount": {
      "value": "5000000",
      "currency": "AUD",
      "qualifier": "exact",
      "amountAsStated": "AUD 5 million (€3 million)",
      "currencyBasis": "stated"
    },
    "provider": "European Bank for Reconstruction and Development",
    "providerJurisdiction": null,
    "providerOrgIds": [
      "org-ebrd"
    ],
    "legalAuthority": null,
    "programmeId": null,
    "recipient": "Sarytogan Graphite Limited",
    "recipientOrgIds": [
      "org-sarytogan"
    ],
    "project": "Sarytogan Graphite Strategic Project",
    "projectId": "prj-kz-sarytogan",
    "facility": null,
    "locations": [
      {
        "countryCode": "KZ",
        "subnational": null,
        "asStated": "Kazakhstan"
      }
    ],
    "stages": [
      "mining"
    ],
    "stageAllocation": "single_stage",
    "materialIds": [
      "graphite"
    ],
    "materialAttribution": "tracked_only",
    "untrackedMaterialsAsStated": [],
    "financialStatusHistory": [
      {
        "status": "contracted",
        "date": null,
        "sourceId": "src-ebrd-sarytogan-psd-54699",
        "note": "EBRD project 54699 is signed, but the source does not state an exact execution date."
      },
      {
        "status": "disbursed",
        "date": "2025-02-10",
        "sourceId": "src-fasken-sarytogan-ebrd-close-2025",
        "note": "EBRD transaction counsel identifies completion of the two-tranche A$5M equity purchase on 10 February 2025."
      }
    ],
    "implementationStatusHistory": [],
    "terms": [],
    "outcomes": [],
    "evidence": [
      {
        "sourceId": "src-ec-resourceeu-com-945",
        "supports": [
          "instrument",
          "value_role",
          "capital_source",
          "provider",
          "project",
          "location",
          "materials"
        ],
        "evidence": "explicit",
        "locator": "Section 2.1, fourth paragraph",
        "note": "Commission retrospectively characterizes EBRD equity as around €3.6M. This is not an auditable transaction-level AUD amount or a distinct additional investment."
      },
      {
        "sourceId": "src-ebrd-sarytogan-equity-2024",
        "supports": [
          "instrument",
          "value_role",
          "capital_source",
          "amount",
          "provider",
          "recipient",
          "project",
          "location",
          "stages",
          "materials"
        ],
        "evidence": "explicit",
        "locator": "Opening paragraphs; AUD 5 million (€3 million) EBRD shareholding announcement",
        "note": "Bank directly identifies the A$5M equity investee; stated euro figure is contextual, not summed separately."
      },
      {
        "sourceId": "src-ebrd-sarytogan-psd-54699",
        "supports": [
          "instrument",
          "amount",
          "recipient",
          "project",
          "status"
        ],
        "evidence": "explicit",
        "locator": "Project description; Client information; EBRD Finance Summary; Status Signed",
        "note": "Project 54699 confirms A$5M and the legal investee; signature date is not asserted."
      },
      {
        "sourceId": "src-fasken-sarytogan-ebrd-close-2025",
        "supports": [
          "amount",
          "recipient",
          "status"
        ],
        "evidence": "explicit",
        "locator": "Overview, Closed February 2025; completed 10 February 2025",
        "note": "Transaction counsel confirms A$5M total closing; its internally inconsistent share-count/price figures are not carried into SMPT."
      }
    ],
    "notes": "This existing EBRD Sarytogan financing row is the original A$5M share purchase, not a new award. EBRD 2024 and project 54699 identify the initial A$5M (€3M approximate) commitment to Sarytogan Graphite Limited; transaction counsel dates completion to 10 February 2025. The European Commission's December 2025 summary reports around €3.6M without identifying component transactions; it remains contextual and is not a separately counted sum. A later, independently paid A$1,396,581.12 follow-on placement is coded separately as fin-ebrd-2026-sarytogan-topup-equity, not rolled into this amount. EBRD is multilateral: no tracked national government receives financing credit."
  },
  "event": {
    "id": "evt-eu-resourceeu-2025",
    "date": "2025-12-03",
    "jurisdiction": "eu",
    "titleEn": "RESourceEU Action Plan: Accelerating our critical raw materials strategy to adapt to a new reality"
  },
  "parents": [],
  "children": [],
  "sources": [
    {
      "id": "src-ec-resourceeu-com-945",
      "title": "RESourceEU Action Plan: Accelerating our critical raw materials strategy to adapt to a new reality (COM(2025) 945 final)",
      "publisher": "European Commission",
      "url": "https://single-market-economy.ec.europa.eu/document/download/01c448d6-dc93-40d7-9afe-4c2af448d00c_en",
      "language": "en",
      "datePublished": "2025-12-03",
      "dateAccessed": "2026-09-23",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "The Communication itself, 19 pages, read in full 2026-09-23. Section 2.1: \"Overall, as part of a Team Europe approach, the EU should mobilise EUR 3 billion of EU funds within the next 12 months in direct support of the CRM value chain\"; names the Just Transition Fund's EUR 18.7 million for Neo Performance's rare earths magnet project in Estonia, EIB loan agreements with the Strategic Projects UpCatalyst and Keliber, and the EBRD's equity of around EUR 3.6 million in the Sarytogan Graphite Strategic Project. Section 3.1: by Q2 2026 the Commission will propose restrictions on exports of permanent-magnet scraps and waste."
    },
    {
      "id": "src-ebrd-sarytogan-equity-2024",
      "title": "EBRD acquires stake in Sarytogan Graphite Limited",
      "publisher": "European Bank for Reconstruction and Development",
      "url": "https://www.ebrd.com/home/news-and-events/news/2024/ebrd-acquires-stake-in-sarytogan-graphite-limited.html",
      "language": "en",
      "datePublished": "2024-08-09",
      "dateAccessed": "2026-10-07",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "The bank reports AUD 5 million (about €3 million) of equity in Australian-incorporated Sarytogan Graphite Limited for its Kazakhstan graphite development. EBRD's 2024 announcement is not proof of the exact signing or settlement date."
    },
    {
      "id": "src-ebrd-sarytogan-psd-54699",
      "title": "EBRD Project 54699 — DFF Project C / Sarytogan Graphite Limited",
      "publisher": "European Bank for Reconstruction and Development",
      "url": "https://www.ebrd.com/home/work-with-us/projects/psd/54699.html",
      "language": "en",
      "datePublished": "2024-08-09",
      "dateAccessed": "2026-10-07",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Original EBRD project summary: AUD 5M direct equity, Sarytogan Graphite Limited investee, bank approval 18 June 2024, disclosed 9 August 2024; lists status Signed but does not date contract execution. The report covers the original investment, not the 2026 follow-on."
    },
    {
      "id": "src-fasken-sarytogan-ebrd-close-2025",
      "title": "Fasken advises EBRD on completed A$5 million Sarytogan Graphite investment",
      "publisher": "Fasken (transaction counsel to EBRD)",
      "url": "https://www.fasken.com/en/experience/2025/03/the-european-bank-for-reconstruction-and-development-completes-equity-investment",
      "language": "en",
      "datePublished": null,
      "dateAccessed": "2026-10-07",
      "sourceType": "other",
      "confidence": "primary",
      "notes": "EBRD's transaction counsel reports final closing on 10 February 2025 in two tranches for aggregate A$5M; its stated share count multiplied by stated issue price does not reconcile to A$5M, so SMPT relies on the lender's direct money figure and makes no share-count inference."
    }
  ]
}