(3 minutes read)
Magnis Energy Technologies Limited, which is listed on the Australian Securities Exchange, has fully acquired Uranex and MTT for an undisclosed amount. In a related development, Tesla has agreed to purchase from Magnis Energy Technologies between 17,500 tonnes and 35,000 tonnes per annum of Anode Active Material (AAM) from February 2025 for three years
Magnis Energy Technologies Limited, which is listed on the Australian Securities Exchange, has fully acquired Uranex and MTT for an undisclosed amount. In a related development, Tesla has agreed to purchase from Magnis Energy Technologies between 17,500 tonnes and 35,000 tonnes per annum of Anode Active Material (AAM) from February 2025 for three years.
Magnis Energy is developing a graphite mine in Tanzania where it plans to get ultra-high purity natural flake graphite from the operation.
Uranex is a subsidiary company fully owned by Magnis Energy Technologies Ltd of Australia and its Nachu Graphite Project is a renowned world-class graphite resource. Nachu Graphite Project is located near Ruangwa, in Lindi, Tanzania.
Along with its graphite mining project in Tanzania, the company is part of the Imperium3 New York consortium of companies working to build a lithium-ion battery cell gigafactory. Magnis is also a shareholder and partner with C4V, a New York-based battery cell technology company. Tesla as the automaker is looking to secure a large number of battery cells in order to support its plan to build 20 million electric vehicles per year by 2030.
Read Also:
https://trendsnafrica.com/tesla-signs-aam-mining-supply-deal-with-tanzania/
https://trendsnafrica.com/mobile-money-transactions-in-tanzania-hit-sh140-9-trillion-mark-in-2022/
In Tanzania, Uranex holds a Special Mining License. Besides, Magnis through MTT, was granted a licence to operate within a Special Economic Zone (SEZ) in Tanzania for a duration of ten (10) years which was renewed in May 2021.
