Magnis Energy Technologies (ASX:MNS) reports that has made significant progress with its 100% owned Nachu Graphite Project located in South-East Tanzania, including the construction of a resettlement village.
The vertically integrated lithium-ion battery technology and materials company reports that several key items have progressed in recent months, which are key for the advancement of the project.
Over the past few months, the construction of a resettlement eco-village has experienced major progress with the overall completion rate now above 60%.
It is expected that project completion and final handover will be achieved in November 2022.
Recently, the company also progressed with construction of the display house and substructure for all the houses; plastering of internal and external walls; and construction of kitchens and water tanks.
All houses will have solar panels and there are future plans to build a battery storage system using batteries produced by iM3NY.
Ausenco Services were engaged earlier this year to complete an update to the 2016 Feasibility Study into the Nachu Graphite Project. It is expected that the results of the study will be released to market by the end of the month.
Addressing the progress of works, Magnis Chairman Frank Poullas commented: “We are very excited with the progress across our Nachu Graphite Project. Planned site works are progressing well while construction of the resettlement village is on target to be completed in November.
We are very proud of this eco-friendly village which will improve the lives of the local community once built. In addition, we anticipate releasing results from the 2022 Feasibility Study by the end of the month in a major milestone in the project’s development.”
Magnis has investments and partnerships in the electrification supply chain. The company’s US-based subsidiary Imperium3 New York, Inc (iM3NY) operates a gigawatt scale lithium-ion battery manufacturing project in Endicott, New York.
Magnis along with its joint venture and technology partner Charge CCCV are the major shareholders in iM3NY which plans to commercialise C4V’s patented technology to produce green credentialed lithium-ion battery cells.
Magnis also has a minority stake in C4V and has exclusively licensed their anode processing technology with an aim to produce high performance anode materials utilising ultra-high purity natural flake graphite from Magnis’ Nachu Graphite Project in Tanzania.
The company’s vision is to enable, support and accelerate the green energy transition critical for the adoption of Electric Mobility and Renewable Energy Storage.
Write to Adam Orlando at Mining.com.au
Images: Magnis Energy Technologies Ltd
