Sunday , April 14 2024

Syrah Resources signs sales agreement with BTR New Energy Materials

ASX-listed Syrah Resources has signed a binding sales agreement with Jixi BTR Graphite Industrial, a wholly owned subsidiary of Shenzhen BTR New Energy Materials.

The agreement between Syrah Resources and BTR New Energy Materials (BTR) is for 30 000 tons of graphite from the Balama operation in the first year of production.

Syrah Resources and BTR will continue to develop other elements of the previously announced MoU, including potential supply chain cooperation.

Based in Shenzhen, China, BTR is the world’s largest manufacturer and leader of technology development of battery anode materials for lithium-ion batteries.

BTR supplies battery anode materials to the Chinese domestic market and export markets, servicing its major customers in battery, electric vehicle and energy storage sectors.

To meet growing demand, BTR is expanding its production capacity and will soon commission a new plant in Jiangsu province, China.

“This contract is a significant and material step forward for us,” says Syrah Resources MD, Shaun Verner.

“The relationship with BTR will see Syrah Resources’ high-quality graphite placed into the lithium-ion battery market.

“In confirming this binding sales agreement with the world’s largest battery anode manufacturer, Syrah Resources will enter the leading geographic market for natural graphite with confidence and capitalise on the significant forecast growth in electric vehicle and energy storage markets.

“With battery development receiving strong policy support from governments across the world and increasing consumer demand, Syrah Resources’ Balama operation will form a base-load of high quality natural graphite supply for major battery anode manufacturers globally.

“Syrah Resources remains the only large scale, fully funded, natural graphite project entering production. We look forward to a long-term relationship with BTR,” explains Verner.

“BTR has been focusing on high quality lithium-ion battery material research, development and production,” says BTR chairman, He Xueqin.

“BTR is a truly integrated enterprise, from raw material resources to battery material products, covering the whole industry chain of high quality battery material production.

“Continuous technical innovation with stable long term supply of raw materials have always been BTR’s strength, enabling the company to maintain and realise its competitive edge and international global leadership in the lithium-ion battery material industry.

“Through the cooperation with Syrah Resources we can also source consistent raw material supply from overseas in addition to our secured raw material supply in China. We look forward to all round and global cooperation with the company,” he concludes.

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