Blencowe signs offtake MoU with US customer
Following a recent marketing tour in the US, London-listed Blencowe Resources has signed a nonbinding MoU with lead acid battery storage systems manufacturer Apollo Energy Systems for the offtake of up to 250 t/y of purified small-flake graphite from the Orom-Cross mine, in Uganda.
The agreement aligns with Blencowe's strategy to secure a diversified range of international buyers across different applications, as it progresses the mine toward production.
Blencowe points out that Apollo has successfully tested Orom-Cross graphite products and will now advance its internal product qualification and due diligence to support formal agreement discussions.
It adds that similar purified graphite products to what will be sold to Apollo sell for about $8 000/t, highlighting substantial profitability on these sales over and above typical sale of concentrates.
The final pricing of the graphite to be supplied to Apollo will be agreed within 24 months.
Blencowe continues to advance discussions with multiple US-based original-equipment manufacturers and graphite buyers, covering both large- and small-flake products.
It says several industry players have initiated quality testing of Orom-Cross graphite.
"This MoU is the first of several that we anticipate bringing to market near term. It builds on our initial agreement with Jilin, announced in 2024, to supply up to 15 000 t/y of large-flake concentrate.
"Blencowe continues to execute key milestones as we progress towards an investment decision post definitive feasibility study. Orom-Cross stands out as truly a unique graphite project – combining scale, lowest capital and operating costs, and exceptionally high-purity end-products. These factors collectively position us ahead of most peers and reinforce the long-term value of the project," comments Blencowe chairperson Cameron Pearce.
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