Company News Summary
Magnis Resources Provides Corporate Update
Original announcement: Corporate Update
Magnis Resources provided a corporate update on recent developments relating to its Nachu Graphite Project. It continues to engage and collaborate with end-users in the lithium-ion battery industry to demonstrate the benefits of using its Nachu graphite in the anode material. Progress has accelerated in the last two months with discussions entering into final stages. The Company has notified Sinosteel Liaoning and China National Materials Import and Export Corporation (SINOMA) that it has terminated both offtake agreements. Following the announcement on 25 November 2016 on the completion of the land valuation process, the Company reported that the second phase of the compensation process was completed on 21 January 2017 with 95% of the affected parties compensated.
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