Russia to Finance Tanzania Nachu Graphite Project
Australian graphite developer Magnis
Resources (ASX:MNS) recently signed a Memorandum of Understanding (MoU) with
Russia’s nuclear corporation ROSATOM for project financing and offtake of its
Nachu graphite project in southeast Tanzania.
Under the MoU, both organizations
will work together towards a binding offtake agreement once further
negotiations take place and certain milestones are met.
“Interest revolves around the Super
Jumbo (+500 microns) and Jumbo (+300 microns) flake graphite sizes. The larger
flake sizes are currently being consumed by ROSATOM in several of its business
divisions including nuclear power generation, aerospace and creating
composites,” Magnis indicates.
Frank Poullas, Chairman of Magnis,
commented: “Today’s announcement is a key step towards a binding offtake
agreement for our Super Jumbo and Jumbo products and potential financing with
the world’s largest nuclear power technology company.” “ROSATOM is the world
leader in the development and construction of nuclear reactors with over
USD130b worth of orders in place.
Larger flake graphite which our
Nachu Project will produce is a key material used in these nuclear reactors and
it is highly sought after. Our project therefore is strategically important to
ROSATOM over the longer term.
” “The Magnis board looks forward to
a long fruitful relationship with ROSATOM and our focus now is to move the MOU
into a binding offtake agreement.” Alexander Merten, President of ROSATOM,
added:
“We are pleased to enter into this MoU with
Magnis. ROSATOM is known for the quality of its products and we are seeking to
develop long term partnerships with the highest quality graphite producers in
the world. Magnis has these key attributes.”
Nachu Graphite Project The Nachu
graphite project in southeast Tanzania is 100% owned by Magnis and represents
one of the largest mineral resources of large flake graphite in the world. The
Nachu operating life is estimated at approximately 15 years.
“This comprises approximately 11.7
years at 240,000 tpa nameplate concentrate output after which lower grade ore
stockpiles are processed for another 3.5 years at an average concentrate output
rate of 160,000 tpa,” as indicated in the Magnis website.
ROSATOM, through its subsidiary
Uranium One, is the owner of the Mkuju River uranium project located in
southern Tanzania.
Tanzania Graphite Tanzania’s largest
graphite deposits are located in the central and east southern regions of the
country.
At the end of 2015, The Tanzanian Ministry of
Energy and Minerals (MEM) announced that Tanzania will soon become one of the
largest producers of graphite in the world, due to recent and abundant
discoveries of graphite fields across the country.
Graphite discoveries in Tanzania come mainly
from Australia based graphite developers, Magnis Resources (ASX:MNS), Volt
Resources (ASX:VRC) and Kibaran Resources (ASX:KNL).
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