Magnis Resources Limited (ASX: MNS)

Magnis Resources’ stock was down 1.15% on December 06, 2017 while the group announced an update on the MoU for the construction of a 30GWh lithium-ion battery plant in Germany, which was announced in October 2017. The MoU was signed between the Company and WIN for a plant based in North Rhine Westphalia. In the recent update, MNS reported of progressing to the next phase with key objectives and criteria set out, as discussed in a meeting held on December 01, 2017 including all working parties, i.e., MNS, WIN, representatives of the Emscher-Lippe region, service providers and potential investors.

Apart from the above update relating to battery plants, the group had lately secured a Sales Agreement for the supply of flake graphite with European group World Plastik ve Petrokimya Sanayi ve Ticaret, a division of the World Group, for 25,000t p.a. of flake graphite consisting of 15,000t p.a. of Super Jumbo at 97-99% TGC purity and 10,000t p.a. of Jumbo at a purity of 97.5% - 99.5% TGC. This is said to be sourced from Nachu project and other mines that produce graphite, if required. The group primarily secured the arrangement with a fixed pricing over the initial 3-year term and first delivery is expected in 2019.

The stock seems to be trading on volatility and has been down 25% in last six months (as at December 05, 2017).

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