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- Evolution Energy Minerals (EV1) signs a binding offtake agreement for the sale of coarse flake graphite from its Chilalo graphite project in Tanzania
- The agreement was formed with Yichang Xincheng Graphite Co (YXGC) and lasts a minimum of three years from the start of operations
- It will see the sale of 30,000 tonnes per annum of flake graphite, which covers 50 per cent of forecast production and 70 per cent of forecast revenue in the first three years
- Shares are trading 1.49 per cent lower at 49.8 cents each
Evolution Energy Minerals (EV1) has signed a binding offtake agreement for the sale of coarse flake graphite from its Chilalo graphite project in Tanzania.
The agreement was formed with Yichang Xincheng Graphite Co (YXGC) and lasts a minimum of three years from the start of operations.
It will see the sale of 30,000 tonnes per annum of coarse flake graphite, which covers 50 per cent of forecast production and 70 per cent of forecast revenue in the first three years.
Managing Director Phil Hoskins said the partnership is critical to securing finance for the development of Chilalo.
“We are delighted to sign this cornerstone offtake agreement with YXGC, which significantly de-risks the project financing of our Chilalo Project,” he said.
“The agreement is the culmination of a significant amount of work that we have undertaken with YXGC over many years and is testament to the strong relationship and mutual respect we enjoy with YXGC.”
Shares were trading 1.49 per cent lower at 49.8 cents each at 1:50 pm AEST.
