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Magnis signs financing, off-take MOU for Nachu graphite property

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Magnis signs financing, off-take MOU for Nachu graphite property

Magnis Resources Ltd. signed a memorandum of understanding with Russia's ROSATOM International Network for project financing and an off-take agreement on the super jumbo and jumbo flake graphite to be produced from its Nachu graphite property in Tanzania.

The companies will work toward a binding off-take agreement upon the completion of further negotiations and certain milestones, according to the company's Jan. 30 statement, with concurrent financing discussions continuing.

"ROSATOM is the world leader in the development and construction of nuclear reactors with over US$130 billion worth of orders in place," Frank Poullas, Magnis chairman, commented. "Larger flake graphite which our Nachu project will produce is a key material used in these nuclear reactors and it is highly sought after."

In a separate, same-day release, Magnis reported that it terminated off-take agreements with Sinosteel Liaoning and China National Materials Import and Export Corp.

The company also said it has compensated 95% of the 773 people or households being resettled to make way for its proposed Nachu development, with surface rights documentation being processed. In November 2016, Magnis reported that an official valuation of the area within its special mining license indicated a US$3.4 million compensation package.

In addition, Magnis received notification from the Tanzanian Port Authority that a lease for land adjacent to the Mtwara Port was progressing. Magnis aims to use the land for logistics when Nachu begins operating.