Syrah Resources (ASX:SYR) signed a Memorandum of Understanding for an offtake agreement with Asmet (UK) Limited (Asmet) for 100,000 – 150,000 tonnes of graphite per annum at a price of approximately US$1,000 per tonne. Asmet (UK) Limited is a European trader of metallurgical consumables (including carbon) to the iron, steel and aluminium industries.

As quoted in the press release:

Under the MOU, Asmet will buy 100,000 to 150,000 tonnes of graphite per annum at a price of approximately US$1,000 per tonne over an initial period of 5 years. Under the MOU, Syrah will provide to Asmet with 2 to 3 tonnes of samples of graphite products to enable Asmet to undertake testing of the products. Subject to successful completion of this testwork, Syrah and Asmet will be required to negotiate in good faith a formal offtake agreement for the sale of graphite.

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