Syrah Resources Limited (ASX: SYR) announced that it has signed a binding sales agreement with Zhanjiang Juxin New Energy Materials Co. Ltd. The agreement is for 20,000 tonnes of natural graphite from the Balama operation in 2018. All other terms of the agreement are confidential.
Based in Guangdong Province, China, Zhanjiang Juxin was established in 2006 and specialises in the production of spherical graphite and anode material for lithium-ion batteries. Zhanjiang Juxin has its own intellectual property rights and is one of the leading high quality spherical graphite and anode material producers in China. Zhanjiang Juxin products are sold domestically and exported to international markets.
Syrah Managing Director and CEO, Shaun Verner, said “This contract represents another significant import of Balama graphite into the leading geographic market for natural graphite. Our agreement with Zhanjiang Juxin further illustrates the demand for Syrah’s natural graphite as a baseload material for battery anode applications. Balama is the only major graphite project currently commissioning and moving into operations, with target production for 2018 of 160,000 to 180,000 tonnes.1 This places Syrah in a strong position to respond to the demand from growth in electric vehicle and energy storage markets. We look forward to a long term association with Zhanjiang Juxin.”
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