JOHANNESBURG (miningweekly.com) – ASX-listed Magnis Resources has signed a memorandum of understanding (MoU) to supply raw materials to German lithium-ion battery consortium TerraE-Holding.
Under the agreement, Magnis, which mines natural flake graphite for use in lithium-ion batteries, will supply raw materials to the TerraE gigafactories. TerraE plans to build 34 GWh of production capacity across two locations in Germany. First-stage production will begin in late 2019.
The agreement further strengthens Magnis’s position in the rapidly growing lithium-ion battery market, building on the company’s involvement in gigafactories in Townsville, Australia, and New York, in the US.
Magnis chairperson Frank Poullas said the company was becoming a major player in the lithium-ion battery revolution, which is in its early stages.
“Our technology is being recognised by major players in this space and this MoU is further confirmation of this,” he said.
Magnis owns the Nachu graphite project in south-east Tanzania.