Australia-based Renascor Resources has executed a Strategic Cooperation and Offtake MOU with POSCO covering the purchase of 20,000 to 30,000 tonnes per annum of Purified Spherical Graphite from Renascor’s planned Battery Anode Material operation in South Australia. The final annual amount to be delivered under the offtake and the term of the agreement will be finalized as POSCO and Renascor progress to a formal binding offtake agreement.Subject to the satisfactory completion of technical and economic studies, the MOU also provides that POSCO may propose one or more forms of strategic cooperation between Renascor and POSCO (or one of its affiliate companies) which may include an equity investment in Renascor. Any such proposal for strategic cooperation will be at the complete discretion of POSCO, and acceptance of any such proposal is at the discretion of both parties.If any such strategic cooperation includes a proposal for equity investment that is acceptable to Renascor, such equity investment will be based on the value of Renascor immediately prior to the execution of this MOU. With the MOU with POSCO, Renascor has now executed and announced offtake MOUs covering up to 60,000 tpa of PSG, compared to Renascor’s current Stage 1 PSG production capacity of approximately 30,000 tpa. In addition, Renascor continues to receive a significant volume of inbound enquiry from globally-recognized international groups that are leaders in the battery supply chain.To fulfil the increased offtake volume requirements, Renascor has commenced feasibility work to facilitate an increase in Stage 1 PSG production capacity and a Stage 2 expansion.POSCO, one of South Korea’s largest conglomerates, is the largest anode manufacturer outside of China, with production capacity of 44,000 tpa and a further 69,000 tpa in construction.
Australia-based Renascor Resources has executed a Strategic Cooperation and Offtake MOU with POSCO covering the purchase of 20,000 to 30,000 tonnes per annum of Purified Spherical Graphite from Renascor’s planned Battery Anode Material operation in South Australia. The final annual amount to be delivered under the offtake and the term of the agreement will be finalized as POSCO and Renascor progress to a formal binding offtake agreement.Subject to the satisfactory completion of technical and economic studies, the MOU also provides that POSCO may propose one or more forms of strategic cooperation between Renascor and POSCO (or one of its affiliate companies) which may include an equity investment in Renascor. Any such proposal for strategic cooperation will be at the complete discretion of POSCO, and acceptance of any such proposal is at the discretion of both parties.If any such strategic cooperation includes a proposal for equity investment that is acceptable to Renascor, such equity investment will be based on the value of Renascor immediately prior to the execution of this MOU. With the MOU with POSCO, Renascor has now executed and announced offtake MOUs covering up to 60,000 tpa of PSG, compared to Renascor’s current Stage 1 PSG production capacity of approximately 30,000 tpa. In addition, Renascor continues to receive a significant volume of inbound enquiry from globally-recognized international groups that are leaders in the battery supply chain.To fulfil the increased offtake volume requirements, Renascor has commenced feasibility work to facilitate an increase in Stage 1 PSG production capacity and a Stage 2 expansion.POSCO, one of South Korea’s largest conglomerates, is the largest anode manufacturer outside of China, with production capacity of 44,000 tpa and a further 69,000 tpa in construction.
