Australia's Renascor signs graphite supply deal with Japan's Mitsubishi Chemical (updated)

Hanwa

19/07/2023 01:45

(Adds details on the deal, context and background in paragraphs
2-5)
       July 19 (Reuters) - Australia's Renascor Resources
 RNU.AX  said on Wednesday it signed an agreement with Japanese
anode material manufacturer Mitsubishi Chemical to supply
graphite products from its Siviour graphite and battery anode
material (BAM) project.
    Under the agreement, the parties agreed to undertake further
validation testwork on Renascor's graphite products and advance
talks to determine potential supply terms and a commercial
partnership, Renascor said in a statement.
    The deal comes amid Tokyo's push for investments into mines
of minerals used in batteries as it reinforces alliances with
resource-rich countries such as Australia, underscoring a global
rush towards decarbonisation.
        Renascor is currently in advanced stages of an updated
study for the BAM facility in South Australia to assess an
increase in purified spherical graphite production capacity.  
    The Australian miner already has non-binding offtake deals
to supply processed graphite to South Korea's Posco, China's
Shanxi Minguang New Material Technology and Japan's Hanwa.

      
  
        
  

 (Reporting by Himanshi Akhand in Bengaluru; Editing by
Subhranshu Sahu and Sherry Jacob-Phillips)
 ((Himanshi.Akhand@thomsonreuters.com;))