Australia Magnis Energy soars on offtake deal with Tesla

Ryzon Materials

21/02/2023 24:35

** Shares of Magnis Energy  MNS.AX  soar as much as 25.2% to
A$0.50, see their best day since Aug. 12 
    ** The graphite developer says it has inked an offtake
agreement with Tesla  TSLA.O   urn:newsml:reuters.com:*:nL1N35018I
    ** Under deal, co to provide Tesla with a minimum of 17,500
terapascal of anode active material beginning in February 2025
for a minimum term of three years
    ** Adds that it aims to commence production by February
2025; yet to finalise location for facility in U.S. 
    ** Shares hit highest since Sept. 12 - if losses hold 
    ** Stock has risen ~9.5% this year, as of last close
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))