Elcora Advanced Materials Corp. has entered into a ten-year joint venture profit sharing definitive agreement with Eminent Minerals’ interest in the South Nachu, Tanzania graphite deposit, located in Ruangwa, Tanzania. The project is located near two large Graphite Projects; Syrah Resources and Magnis’ Nachu. Both are high-grade graphite deposits.
Under the agreement, Eminent Minerals will provide Elcora with graphite from the project which will be processed on site by Elcora. Any profits from sales will be split on a predetermined basis depending on Elcora’s required refinement costs. A final definitive agreement will be signed shortly.
The site consists of 101 square kilometers in the United Republic of Tanzania.
The nearby Syrah Resource Balama graphite project produced and sold 48kt of natural flake graphite at US$469 per tonne in the first quarter of 2019.