Magnis Energy signs construction contract for Tanzania graphite project

Magnis Energy’s lithium-ion Battery Plant is to be located in Townsville, Australia. Image by Magnis Energy

Australian graphite producer Magnis Energy Technologies said on Wednesday it executed a engineering, procurement and construction contract with Metallurgical Corporation of China (MCC) for its graphite project in Tanzania.

The fixed price for the turn-key solutions services is $277 million under the contract, which is the complete cost of the 240,000 tonnes a year graphite production facility at the Nachu Graphite project.

The execution of the contract is a prerequisite in the application for project financing support from China Export Credit Agency, Magnis said in a statement.

MCC could “assist with the funding of at least 80% in debt funding or delayed payments” as it was impressed by the “high purity” products the project could produce, MCC Vice President Wang Zhou said in a statement.

The graphite producer expects final financing outcomes in the first half of 2020.

(By Sameer Manekar; Editing by Stephen Coates)

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