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.

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