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NextSource Announces MoU for Strategic Collaboration with South Korea's POSCO International
TORONTO, ON / ACCESSWIRE / September 5, 2023 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRC...
About this update from Nextsource Materials Inc
[{"type":"text","content":"NextSource Announces MoU for Strategic Collaboration with South Korea’s POSCO InternationalTORONTO, ON / ACCESSWIRE / September 5, 2023 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) (\"NextSource\" or the \"Company\") is pleased to announce the signing of a non-binding Memorandum of Understanding (\"MoU\") with South Korea's POSCO International (\"POSCO\") for strategic collaboration that could involve an equity investment into the Company as well as a long-term offtake agreement for spheronized and purified graphite (\"SPG\") and the Company's other graphite products.The MoU envisages the potential for a definitive offtake agreement for 30,000 tonnes per annum (\"tpa\") of SuperFlake® graphite concentrate and 10,000 to 15,000 tpa of SPG over a ten year period, to be supplied to POSCO Future M, a POSCO Group subsidiary that is responsible for EV battery businesses and supplies all of South Korea's major battery cell manufacturers with finished cathode and anode materials.Prior to executing a definitive agreement, certain customary technical and economic studies will need to be completed. Mr .Yoo Sam (L, front row), head of POSCO International's green materials department, and Mr. Craig Scherba (R, front row), President & CEO of NextSource Materials, in Antananarivo, Madagascar. Photo provided by POSCO International.President and CEO, Craig Scherba, commented:\"Exploring the potential for a strategic partnership with one of the world's largest suppliers of anodes to western cell manufacturers and OEMs is a tremendous opportunity. We look forward to working with POSCO to advance the MoU.\"ABOUT POSCO INTERNATIONALEstablished in 1967, POSCO International Corp. is the largest trading company in South Korea with offices in 45 countries. With the vision to be a global pioneer in green energy innovation, POSCO International has secured a stable and sustainable value chain of key raw materials for Lithium-Ion batteries, such as graphite, nickel, copper and lithium through equity investments to establish a global supply system contributing to energy security.POSCO Future M Co., Ltd., a subsidiary of the POSCO Group, is the global leader in the production of cathode, anode, industrial and advanced carbon-based raw materials and products. With cathode and anode materials for rechargeable batteries as its primary busin...