Magnis Resources strikes supply deal with German consortium

ASX-listed Magnis Resources has signed a memorandum of understanding (MoU) to supply raw materials to German lithium-ion battery consortium TerraE-Holding. Under the agreement, Magnis, which mines natural flake graphite for use in lithium-ion batteries, will supply raw materials to the TerraE gigafactories. TerraE plans to build 34 GWh of production capacity across two locations in Germany. First-stage production will begin in late 2019.