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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Magnis Energy Technologies Limited    MNS   AU000000MNS3


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Magnis Resources : Corporate Update - Graphite

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11/28/2017 | 08:23am EDT


28 November 2017


  • Positive engagement with Tanzanian Government Officials continues

  • Sourcing anode materials for Gigafactories - discussions with current and potential graphite producers well advanced

  • Ongoing progress on Binding Sales Agreements for Super Jumbo and Jumbo concentrate

Magnis Resources Limited ("Magnis" or the "Company") (ASX:MNS) is pleased to provide this update to shareholders on progress in Tanzania, potential Binding Offtake Agreements, and the continued diversification of its operations through ownership in the development of lithium-ion Gigafactories in the United States, Germany and Australia.

Progress in Tanzania

In the last fortnight, Magnis' Tanzanian executives have met with newly appointed members of the Ministry of Minerals in Tanzania. These meetings have been most productive and Ministry Members expressed support for the integrated development of the Nachu Mine coupled with downstream operations within the Special Economic Zone. Downstream operations include technologies to produce value-added high purity graphite products. This integrated development approach is in-line with current Government policy.

New regulations to the recently amended legislation and the structure of the mining code are expected to be released by the end of the year, and Magnis is maintaining a constructive and co-operative dialogue with the Tanzanian Government.

Sourcing Graphite for Gigafactories

Over the past year, due to Magnis' pivotal role in the development of proposed Lithium-ion Battery Gigafactories in the United States, Germany and Australia, Magnis has evolved from being solely a seller of graphite from its Nachu Project to becoming both a seller and a buyer of graphite as well as being a significant and active participant in Lithium-ion battery manufacturing.

In its role as a graphite buyer, Magnis has been actively diversifying its sourcing of anode materials for the Lithium-ion Battery Gigafactories, in which it has interests, to mitigate the risk posed from an over-reliance on one source.

Through this diversification, Magnis has and continues to assess multiple sources of natural and synthetic graphite, including product sourced from Nachu and across multiple continents.

Binding Offtake Agreements

The Company has identified multiple sources of graphite for the production of anode materials along with other speciality markets.

Recently, Magnis has received strong interest from a number of parties looking to source high purity Super Jumbo and Jumbo flake graphite and expects to be able to report on Binding Offtake Agreements shortly.

Chairman Frank Poullas commented: "Magnis has evolved into a diversified project developer with both mine development operations and ownership in large-scale Lithium-ion battery Gigafactories in three countries. This strategy of diversification significantly de-risks Magnis and gives greater optionality."

"We are absolutely committed to the development of Nachu and together with the support of the Tanzanian Government are confident that it will be a world class project. Diversification into sourcing other graphite material is also a high priority and we expect to report on some success in this regard shortly."

Frank Poullas Chairman

Magnis Resources Limited Ph: +61 2 8397 9888


Magnis Resources Ltd. published this content on 28 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 November 2017 13:22:06 UTC.

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