Hazer Group has extended its non-binding Memorandum of Understanding (MOU) with Japan’s Mitsui & Co. Ltd. to further investigate potential markets for Hazer graphite.
Under the original MOU, Hazer and Mitsui conducted an initial marketing survey for Hazer’s low-emissions graphite in the steel-making and chemicals industries, using Mitsui’s global network. After evaluation and testing, positive market feedback was received, and several potential customers showed initial interest in Hazer graphite.
As a result, the parties have agreed to move forward to the next phase of joint investigation, which will involve further product evaluation and testing of larger samples from Hazer’s Commercial Demonstration Plant, set to commence operations in 2023.
Aside from the combined market investigation for Hazer graphite, Hazer and Mitsui have agreed to jointly explore other prospective commercial opportunities on mutually agreeable terms.
“We are pleased to be proceeding to the next phase of our joint investigation in partnership with Hazer to explore markets for Hazer’s unique graphite product. Initial market investigations have delivered positive feedback from large industrial companies seeking to accelerate their decarbonisation strategies,” Mitsui’s Coal & Carbon Solutions Division General Manager Ken Ito said.
“Graphite is one of the world’s critical minerals and Hazer is well positioned as a future large-scale producer at a time when there is significant uncertainty in the supply outlook for graphite resulting from China’s announcement to restrict exports. It is a privilege to be extending our strategic relationship with Mitsui, a highly respected and reputable partner with leading commodity market understanding, vision and reach. The positive market feedback from potential customers is very encouraging and we are excited about unlocking the market and monetisation opportunities for Hazer graphite as we move into the commercialization phase of our strategy,” Hazer CEO and Managing Director Glenn Corrie stated.
The MOU’s term is extended by one year and can be further extended by mutual agreement. Each party has agreed to cover their own expenses, and the agreement does not prevent either party from discussing, entering into, or carrying out a comparable transaction or relationship with third parties.
