Australia’s graphite producer Magnis Resources has recently signed a memorandum of understanding with China Railway Bureau Group Co., Ltd. towards developing its Nachu Graphite Project in Tanzania.
The two companies intend to secure US$ 150m for engineering, procurement, construction and contract mining agreement.
“Having a partner, China Railway 24th Bureau Group, a key member of CRCC which is one of the largest and most recognised engineering and construction companies in the world with over 200,000 employees, is proof to the quality of our Nachu graphite project,” said Magnis chairperson Frank Poullas.
Magnis Resources is a near term graphite producer with its world class Nachu project in South East Tanzania. The Nachu project was estimated to contain over eight-million tonnes of contained graphite. China is the largest graphite producer in the world.