IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Australia’s Syrah Resources said on Wednesday it has entered into a deal with South Korea’s Samsung SDI for evaluation of natural graphite active anode supply from Syrah’s Vidalia facility in Louisiana, United States.
Under the deal, both companies would look to test and qualify active anode material, to finalize, by no later than July 10, 2024, to enter a binding offtake agreement for up to 10,000 tonnes per annum, starting from 2026.
Natural graphite active anode material is used in manufacturing lithium-ion batteries for electric vehicles, and can be produced at a lower cost with reduced environmental impact.
The graphite producer also said it was targeting readiness for a final investment decision on the expansion of the vertically integrated Vidalia facility’s production capacity to at least 45 ktpa during the second half of 2023.
A definitive feasibility study on the expansion was completed in April.
(By Archishma Iyer; Editing by Shilpi Majumdar)
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