Renascor Resources (ASX:RNU) inks MOU with Mitsubishi Chemical for graphite supply

• Renascor Resources (RNU) inks a non-binding MOU with Mitsubishi to supply its graphite product for EV batteries
• Mitsubishi Chemical is one of the world’s largest EV battery supply chain heavyweights with EV batteries across global supply chains
• Under the MOU, Mitsubishi Chemical can purchase a range of graphite products from RNU’s Siviour graphite and BAM project in South Australia
• Both parties are now in agreement to undertake further test work on Renascor’s graphite samples and further negotiations are pending
• Renascor shares are up 2.56 per cent, trading at 20 cents at 3:58 pm AEST

Renascor Resources (RNU) has minted a partnership with Japanese manufacturer, Mitsubishi Chemical, to supply graphite via a non-binding memorandum of understanding (MOU).

Mitsubishi Chemical is one of the world’s largest electric vehicle battery supply chain heavyweights, pushing out anodes for use in EV batteries across global supply chains.

Under the MOU, while non-binding, Mitsubishi Chemical has the potential to purchase a range of graphite products from Renascor’s Siviour graphite and battery anode material project (BAM) in South Australia.

“Our agreement with Mitsubishi Chemical is a further significant step toward Renascor constructing, in Australia, the first integrated, in-country mine and Purified Spherical Graphite operation outside of China,” Rensacor Managing Director David Christensen said.

The company reported on Wednesday the MOU could underpin a future commercial partnership, which would likely also contain a binding offtake agreement.

Rensacor announced both parties were in agreement to undertake further test work on the company’s graphite samples, and will discuss further negotiations to determine a potential binding contract.

Renascor previously minted a similar agreement with South Korean chemicals heavyweight POSCO.

Renascor shares were up 2.56 per cent, trading at 20 cents at 3:58 pm AEST.