Renascor Signs Strategic Cooperation MOU with Mitsubishi Chemical Corporation
Renascor, an Australian graphite mining company, 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. The MOU opens up the possibility for Mitsubishi Chemical to purchase Graphite Concentrates, Purified Spherical Graphite (PSG), and other graphite products from Renascor's Siviour Graphite and Battery Anode Material Project (BAM Project) in South Australia.
Confirmation of Major Graphite Deposit Extension
Further drilling at the Siviour Graphite Deposit has confirmed a significant extension of the deposit. Assays from the drilling indicate the continuity of widespread, high-grade graphite over an area extending over 3 km immediately north of the Siviour Mineral Resource. Renascor believes that this new drilling offers the potential for a substantial increase in the Siviour Mineral Resource and supports extensions to the current pit design for future expansions.
Procurement of Long-Lead Time Items Initiated
Renascor has commenced the procurement of long-lead time items for the proposed Siviour Mine and Concentrator, the upstream portion of the BAM Project. This initial procurement focuses on electrical infrastructure upgrades to enable the connection of the proposed mine and concentrator to the existing electricity grid connection of SA Power Network.
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Optimized BAM Study Results Awaited
The technical and financial works for the optimised Battery Anode Material Study (BAM Study) have been completed by Renascor. This study assesses the potential increase of the previously planned PSG production capacity of 28,000tpa and additional staged expansion to meet projected demand. The results of the BAM Study are expected to be announced in early August.
Strong Financial Position
As of June 30, 2023, Renascor maintains a cash position of approximately A$129 million, providing the company with a solid financial foundation for its ongoing projects and development plans.
Renascor's strides in securing strategic partnerships and confirming the extension of the Siviour Graphite Deposit position the company as a key player in the graphite mining industry. With its strategic location in South Australia and strong financial position, Renascor is well-positioned to meet the growing demand for graphite and other battery materials in the global market.
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