Signs Binding Offtake Agreement with Global Battery Anode Material Producer
Sydney, Mar 17, 2023 AEST (ABN Newswire) - Graphite producer and battery materials developer Volt Resources Limited (
ASX:VRC) is pleased to announce the execution of a binding Offtake Agreement for the sale of 10,000 tonnes of fine flake graphite product annually from the Bunyu Graphite Project for an initial term of 5 years with the option to extend the Offtake Agreement for a further 5 years. The Offtake Agreement was signed by 100% Volt subsidiary, Volt Graphite Tanzania Plc, with Graphex Group subsidiary, Graphex Michigan 1, LLC ("Graphex"), a subsidiary of Graphex Group Limited (NYSE:GRFX) (HKG:6128).
Graphex Group President, John DeMaio, said "Graphex is extremely pleased to enter into this binding Offtake Agreement for the supply of fine graphite from the Bunyu Graphite project".
"This is an important step forward in our global strategy to diversify the upstream supply of raw materials as we localize our mid-stream processing footprint in order to provide the flexibility, resiliency, and scale of graphite supply that the EV and Energy Storage sectors will require in the years and decades ahead. We look forward to working with Volt as we both progress our graphite development plans and the possibility of expanding our relationship."
Volt Chairman, Asimwe Kabunga, commented: "We are very pleased to secure this Offtake Agreement for our Bunyu graphite product, and Volt is delighted to be partnering with a progressive company such as Graphex."
"Congratulations to both management teams who have worked diligently to complete this agreement and Volt looks forwards to a long and successful relationship with the Graphex Group."
Volt Chief Executive Officer, Prashant Chintawar, added: "With projected strong demand in the graphite market, we are continuing to progress discussions with additional parties in respect to further graphite offtake opportunities."
"Looking ahead, Volt remains firmly focused on obtaining the development funding for the Bunyu Project and moving towards construction and first production. We look forward to providing shareholders with further updates on progress."
Further information regarding the Offtake Agreement terms is included in the table below*.
Graphex Group Limited has its principal offices in Hong Kong and regional offices in Shanghai and Royal Oak, Michigan, USA. Graphex is focused on the development of technologies and products to enhance renewable energy, particularly the production of spherical graphite and graphene, key components in EVs/lithium-ion batteries as well as in other uses.
Graphex has extensive commercial experience in the deep processing of graphite and producing battery grade purified spherical graphite. Current production is 10,000 tpa and an expansion is underway to increase production to 20,000 tpa within the next 12 months. Graphex intends to further expand existing operations to 40,000 tpa over the next three years.
Graphex is currently among the top suppliers of specialized spherical graphite to the EV and renewable energy industries and holds patents in areas including products, production methods, machinery design, and environmental protection.
Graphex's strategy is to expand its operations globally to support energy transition and electrification efforts worldwide.
For more information regarding Graphex Group visit https://graphexgroup.com/
*To view further information, please visit:
https://abnnewswire.net/lnk/GH648HMF
About Volt Resources Ltd
Volt Resources Ltd (ASX:VRC) (FRA:RBL) (OTCMKTS:VLTRF) is critical minerals and battery material company listed on the Australian Stock Exchange. We are a graphite producer and an emerging natural graphite anode producer. Volt has a 70% interest in the Zavalievsky Graphite business in Ukraine. The ZG mine and processing facilities have been in operation since 1934 and are near key markets with significant developments in lithium-ion battery production. ZG benefits from an existing customer base and graphite product supply chains based on excellent transport infrastructure covering road, rail, river, and sea freight combined with reliable grid power, ample potable ground water supply and good communications.
Volt acquired three licence applications that are prospective for lithium-borate mineralisation. The licence applications are in respect to a total area of 291km2, located in Serbia and are west and south-west of the Serbian capital, Belgrade.
Volt is progressing the development of its large wholly owned Bunyu Graphite Project in Tanzania. The Bunyu Graphite Project is ideally located near to critical infrastructure with sealed roads running through the project area and ready access to the deep-water port of Mtwara 140km from the Project. In 2018, Volt reported the completion of the Feasibility Study into the Stage 1 development of the Bunyu Graphite Project. The Stage 1 development is based on a mining and processing plant annual throughput rate of 400,000 tonnes of ore to produce on average 23,700tpa of graphite products. A key objective of the Stage 1 development is to establish infrastructure and market position in support of the development of the significantly larger Stage 2 expansion project at Bunyu.
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