Ryzon, Xinhai sign EPCM agreement for Nachu graphite project
ASX-listed Ryzon Materials has signed a nonbinding heads of agreement (HoA) with Yintai Xinhai Mining to develop an engineering, procurement and construction management (EPCM) solution for the Nachu graphite project, in Tanzania.
Ryzon, in a media release, says Xinhai will leverage its extensive experience in mining engineering, mineral processing, EPCM services and project execution. Together, the companies seek to enhance project efficiency and reduce execution risks.
Ryzon says the agreement clearly sets out steps towards the finalisation of an EPCM contract, adding that Xinhai will provide the costing for an 80 000 t/y plant during the current quarter as it works towards completing the detailed engineering.
Xinhai will provide an EPCM proposal to Ryzon for the development of the Nachu graphite mine in the second quarter of this year and is currently assisting Ryzon on sourcing financing solutions through its network.
Ryzon notes that, currently, multiple discussions are progressing with parties mainly based in China for at least 80% of the funding to come through debt funding.
“With the numerous site visits our company has conducted at Nachu and all the testwork completed in our lab, I have no doubt that Nachu is a unique graphite mine and will push extremes to bring the project into production in the soonest possible timeframe,” says Xinhai chairperson professor Elon Zhang.
“We appreciate the support we continue to receive from Xinhai and its partners. We look forward to moving towards major development works in the coming year,” adds Ryzon chairperson Frank Poullas.
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