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Lamboo Resources Ltd. (ASX:LMB) announced that it has entered a memorandum of understanding (MOU) with China Sciences Hengda Graphite Co., Ltd., the only miner and supplier of flake graphite in Central China.
Lamboo Resources Ltd. (ASX:LMB) announced that it has entered a memorandum of understanding (MOU) with China Sciences Hengda Graphite Co., Ltd., the only miner and supplier of flake graphite in Central China. The intent of the MOU is to demonstrate the two companies’ commitment to collaborating on innovative flake graphite delivery.
Shares of Lamboo are currently up 26.67 percent, trading at $0.285 per share.
The services the MOU covers include:
- Lamboo shall provide Hengda with metallurgical data from the McIntosh Project to assist Hengda to conduct commercial production trials on the McIntosh flake graphite. These results will lead to contractual arrangements in terms of a commercial agreement for McIntosh graphite.
- Lamboo will utilise Hengda’s extensive experience in the mining and production of quality flake graphite to help advance the development of the McIntosh project. This will involve sharing technological advancement in engineering and design, mining processes and metallurgy associated with the beneficiation of flake graphite.
- Based on a positive outcome from the graphite assessment, Hengda agrees to purchase Lamboo flake graphite products in an off-take agreement targeting market prices. The final product quality and the quantity of flake graphite requirements by Hengda will be the subject of a separate agreement.
Click here to read the full Lamboo Resources Ltd. (ASX:LMB) press release.