Syrah Resources Signs Offtake Agreement with China Aluminum International Engineering Corporation

Resource Investing News

Syrah Resources (ASX:SYR) announced a Memorandum of Understanding for an offtake agreement with China Aluminum International Engineering Corporation Limited (Chalieco). Under the agreement, Chalieco will buy 80,000 – 100,000 tonnes of flake graphite and an amount of >98% V2O5 chemical powder or flake products to be determined.

Syrah Resources (ASX:SYR) announced a Memorandum of Understanding for an offtake agreement with China Aluminum International Engineering Corporation Limited (Chalieco), a multi-award winning engineering design and consultancy company. Under the agreement, Chalieco will buy 80,000 – 100,000 tonnes of flake graphite and an amount of >98% V2O5 chemical powder or flake products to be determined.

MOU for offtake for 80,000-100,000 tonnes of graphite and a quantity of vanadium to be determined, signed with Chalieco, a member of the Chinalco Group.
Parties to negotiate a legally binding offtake agreement within three months of signing the MOU
Chalieco intends to use the graphite mainly as a substitute for petroleum coke, anthracite and other forms of carbon used to manufacture aluminium cathode and anode blocks
Syrah expects to announce further offtake developments in other jurisdictions in the coming months.