After four months of diligence, Singapore-based PEY Capital has entered into an exclusivity period with Magnis Energy Technologies to source $320-million in funding for the Nachu graphite project, in Tanzania.
As part of the financing process, PEY has recently engaged its related Tanzanian entity, Tantel, to provide local financial and operational support services.
“Our financing discussions with PEY and Tantel continue to progress in a positive manner,” said chairperson Frank Pullas.
“In recent months Magnis has been in discussions for the offtake of significant volumes of graphite
concentrate,” he added.
The funding will allow for the full development of Nachu to produce 240 000 t/y of graphite concentrate.