Magnis Energy signs construction contract for Tanzania graphite project
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)