Hazer Group extends MOU with Mitsui to explore potential markets for graphite

• Hazer Group (ASX:HZR) extends its non-binding MOU with Mitsui, a global trading and investment firm based in Japan
• The MOU’s term has been extended by one year and aims at furthering collaborative efforts to explore potential markets for Hazer graphite
• Hazer and Mitsui have also agreed to explore additional potential business opportunities under mutually agreed terms
• HZR shares are up 7.89 per cent, trading at 61.5 cents at 11:45 am AEDT

Hazer Group (ASX:HZR) has extended its non-binding memorandum of understanding (MOU) with Mitsui & Co (Mitsui), a global trading and investment firm based in Japan.

The term of the MOU has been extended by one year, with the aim of furthering collaborative efforts to explore potential markets for Hazer graphite.

“Graphite is one of the world’s critical minerals and Hazer is well positioned as a future large-scale producer at a time when there is significant uncertainty in the supply outlook for graphite resulting from China’s announcement to restrict exports,” HZR CEO and Managing Director Glenn Corrie said.

“It is a privilege to be extending our strategic relationship with Mitsui, a highly respected and reputable partner with leading commodity market understanding, vision and reach.”

In the initial MOU signed on November 16, 2022, Hazer and Mitsui conducted an initial assessment to promote Hazer’s low-emission graphite in the steelmaking and chemicals sectors, leveraging Mitsui’s global network.

After an extensive evaluation and testing phase, the parties received favourable market feedback and identified several prospective clients for Hazer graphite.

As a result, both parties have decided to move to the next phase of the joint investigation, which involves further assessments and testing using larger samples from Hazer’s upcoming commercial demonstration plant (CDP), set to commence in 2023.

Furthermore, Hazer and Mitsui have agreed to explore additional potential business opportunities under mutually agreed terms.

HZR shares were up 7.89 per cent, trading at 61.5 cents at 11:45 am AEDT.