Further to my last post.
RNU announcement.
Strategic Cooperation and Offtake Agreement with POSCO
Non-binding MOU to supply up to 30ktpa of PSG to South Korean
conglomerate POSCO and potential equity investment by POSCO in Renascor
Highlights:
• Renascor Resources (ASX: RNU) (“Renascor”) enters into non-binding Strategic Cooperation and
Offtake Memorandum of Understanding (“MOU”) with South Korean conglomerate POSCO.
• The MOU provides for the purchase of 20,000 to 30,000tpa of Purified Spherical Graphite (“PSG”)
from Renascor’s planned Battery Anode Material operation in South Australia and also provides
for a potential equity investment by POSCO in Renascor.
• POSCO, one of South Korea’s largest conglomerates, is the largest anode manufacturer outside of
China, with production capacity of 44,000tpa and a further 69,000tpa in construction.
• Listed on the New York Stock Exchange and Korean Stock Exchange with a market capitalisation
of over US$25 billion1
, POSCO is the world’s leading steel-making company2 and one of the world’s
largest suppliers of lithium-ion battery material3
. POSCO operates in 52 countries with more than
29,000 employees4 and is the largest single private customer of Australian exports5
.
• Recently, POSCO has been actively pursuing battery minerals exposure in Australia through
transactions with Pilbara Minerals (lithium)6 and First Quantum (nickel)7
. POSCO’s stated goal is
to become the world’s top player in the global electric vehicle battery materials market by 2030
by establishing a value chain from raw material procurement to battery materials production8
.
• With the MOU with POSCO, Renascor has now executed and announced offtake MOUs covering
up to 60,000tpa of PSG. Renascor’s currently proposed Stage 1 PSG production capacity is
approximately 30,000tpa. In addition, Renascor continues to receive a significant volume of
inbound enquiry from globally-recognised international groups that are leaders in the battery
supply chain.
• To fulfil the increased offtake volume requirements, Renascor is currently undertaking feasibility
work to facilitate an increase in Stage 1 PSG production capacity and a Stage 2 expansion
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