Australia's Evolution Energy rises on offtake MoU with Chinese firm

Evolution Energy Minerals

02/05/2022 02:25

** Shares of explorer Evolution Energy Minerals  EV1.AX 
rise as much as 9.7% to A$0.565, their highest since Nov 18,
2021
    ** Co signs memorandum of understanding (MoU) with Chinese
graphite products specialist Yichang Xincheng Graphite Co Ltd
(YXGC)  urn:newsml:reuters.com:*:nASX2TpCj8
    ** Says MoU for initially selling flake graphite concentrate
from the co's Chilalo graphite project directly to YXGC
    ** Says MoU also sets out the parties' intentions to form a
joint venture for operation of a downstream manufacturing
facility in Europe to produce high-value graphite products
    ** Shares mark their biggest intraday gains since April 20
    ** As of last close, stock up 17.1% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))