Renascor Resources Signs Strategic Cooperation Agreement with Mitsubishi Chemical
Renascor Resources, an Australian mining company (ASX: RNU), has entered into a non-binding Strategic Cooperation Memorandum of Understanding (MOU) with Mitsubishi Chemical Corporation, Japan's largest chemical corporation and one of the world’s largest producers of lithium-ion battery anode materials.
Under the MOU, Mitsubishi Chemical has the potential to purchase Graphite Concentrates, Purified Spherical Graphite, and other graphite products from Renascor's Siviour Graphite and Battery Anode Material Project (BAM Project) in South Australia. Additionally, the MOU creates a framework for a potential commercial partnership between the two companies to support the development of the BAM Project.
Renascor's Managing Director, David Christensen, expressed his excitement about the collaboration, stating, "We are delighted to be working with Mitsubishi Chemical, one of the world’s leading anode manufacturers, with an established track record of supplying high-quality anodes to the lithium-ion battery sector. "
The MOU aligns with Renascor's strategy to partner with leading anode companies seeking high-quality graphite products. This collaboration with Mitsubishi Chemical represents a significant milestone for Renascor as it aims to establish the first integrated mine and Purified Spherical Graphite operation outside of China in Australia.
The MOU will undergo further product validation testwork and negotiations to determine potential contract delivery terms and a commercial partnership.
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Renascor is concurrently progressing its product offtake workstreams, including a non-binding strategic cooperation and offtake agreement with South Korean conglomerate POSCO.
Renascor's updated and optimised BAM study, in the final stages, is assessing an increase in Purified Spherical Graphite production capacity and additional staged expansion of PSG operations. The study reflects the accelerated commencement of construction and operation of the Siviour Mine and Concentrator following approval from the South Australian Department of Energy and Mining.
The next steps for Renascor and Mitsubishi Chemical involve evaluating the feasibility of supplying Mitsubishi Chemical with graphite products from the Siviour Graphite Mine and Battery Anode Material operation. Further product testwork will be conducted to determine the volume, price, and other key supply terms. This collaboration with Mitsubishi Chemical complements Renascor's existing product offtake workstreams with POSCO, as well as Chinese anode companies and Japanese trading company Hanwa.
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