- Volt Resources’ (VRC) subsidiary, Volt Graphite Tanzania, has signed a letter of intent with Graphex Technologies
- Graphex, a battery anode material producer, will purchase 5000 tonnes of natural flake graphite every year for 10 years from Volt’s Bunyu project in Tanzania
- If both companies agree, the offtake volume may be increased to 10,000 tonnes of product for any 12-month period
- In addition, Volt and Graphex may proceed to enter a definitive offtake agreement within 60 days
- VRC shares are trading flat at 2.3 cents at 10:25 am AEST
Volt Resources’ (VRC) subsidiary, Volt Graphite Tanzania, has signed a letter of intent with Graphex Technologies.
The non-binding letter of intent is for the sale of 5000 tonnes of fine flake graphite product from Volt’s Bunyu graphite project in Tanzania.
Graphex Technologies, a battery anode material producer, has tentatively agreed to purchase 5000 tonnes of natural flake graphite grading between 94 and 96 per cent on an annual basis for a period of 10 years.
If both companies agree, the offtake volume may be increased to 10,000 tonnes of product for any 12-month period.
Graphex Group President John DeMaio said the agreement “fits perfectly” into Graphex’s goal to augment and diversify the upstream supply of high-quality natural graphite to meet the EV demand.
“We look forward to exploring the possibility of expanding the relationship with Volt in the future to include higher volumes from Bunyu and potentially additional Volt assets,” Mr DeMaio said.
While the letter of intent is non-binding, it includes a provision for Volt and Graphex to sign a definitive offtake agreement within 60 days.
Volt Managing Director Trevor Matthews said the company is delighted to be partnering with “such a highly-respected company.”
“The company looks forward to completing the definitive offtake agreement with Graphex for the Bunyu graphite product. With strong demand in the graphite market, we are continuing to progress discussions with additional parties in respect to further offtake opportunities,” Mr Matthews said.
Volt Resources is continuing negotiations with other parties for additional offtakes for
the first phase of its Bunyu project.
VRC shares were trading flat at 2.3 cents at 10:25 am AEST.