US bars more food, metal imports over China’s alleged forced labor
US authorities say Chinese authorities have established internment camps for Uyghurs and other religious and ethnic minority groups.
Australia’s Evolution Energy Minerals said on Wednesday it had entered into a binding agreement with China-based BTR New Material Group to supply fine flake graphite from its Chilalo project in Tanzania.
The company will supply about 90% of the product from the project to BTR under the three-year agreement, which can be extended for another three years.
BTR, one of China’s largest lithium-ion battery materials maker, will also engage with Evolution on battery anode materials production.
BTR, in return, will acquire a 9.9% stake in Evolution for about A$4.9 million ($3.15 million) and support further financing of the Chilalo project.
“BTR and Evolution intend to work together to procure the finance for development of the Chilalo project,” the Australian explorer said in a statement.
The Chilalo project has potential for a multi-decade mine life as Evolution works to grow resources and reserves.
($1 = 1.5540 Australian dollars)
(By Rishav Chatterjee; Editing by Subhranshu Sahu)
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