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Tantalex Resources Corporation Announces Strategic MOU Agreement with Ximei Resources (Hong Kong)
Toronto, Ontario – TheNewswire - February 18, 2021 – Tantalex Resources Corporation (CSE:TTX) (CNSX:TTX.CN) (“Tantalex” or the “Corporation”), is pleased to ann
About this update from Tantalex Lithium Resources Corp
[{"type":"text","content":"Toronto, Ontario – TheNewswire - February 18, 2021 – Tantalex Resources Corporation (CSE:TTX) (CNSX:TTX.CN) (“Tantalex” or the “Corporation”), is pleased to announce that it has entered into a non-binding MOU Agreement with Ximei Resources (Hong Kong) Limited (“Ximei”) to enter into a cooperation model for establishing a Tantalum refining plant in the Manono region, Tanganyika, in the Democratic Republic of the Congo (“DRC”). The Manono area is endowed with cassiterite and coltan which are the primary minerals for for the production of tin and tantalum, respectively. A tantalum refining plant (the “Plant”) would create added value for the Great Lakes region, the communities and the DRC. Such a Plant would be the first on the African continent. The terms of the cooperation between Tantalex and Ximei are based on the following premises: Tantalex will conduct a feasibility study to establish the Plant (the “Study”). Ximei will provide technical expertise in process and plant design as well as technical support with regards to requirement for the Plant, Upon favorable outcome of the Study, Ximei and Tantalex will engage in commercial and investment decisions whereby Tantalex will be responsible to provide the tantalum concentrates and Ximei will obtain up to fifty percent (50%) of its manufactured product, the whole in accordance with an offtake agreement to be negotiated between Ximei and Tantalex in due time. Each of Tantalex and Ximei shall have a period of ninety (90) days from the signature of this MOU (the “Due Diligence Period”) to complete its due diligence review of any such matters that each, Tantalex and Ximei may deem appropriate. ABOUT XIMEI RESOURCES HONG KONG Ximei was established in 2006 and is a leading producer of tantalum- and niobium-based metallurgical products in China, with a production volume largely exceeding its competitors. They have developed industry-leading manufacturing process that is difficult to replicate in terms of production efficiency and cost advantages. Their products mainly include pentoxide, comprising tantalum pentoxide and niobium pentoxide (both in Industrial Grade and High Purity Grade), and potassium heptafluorotantalate. Tantalum pentoxide and niobium pentoxide are versatile metallurgical products widely used in the manufacturing processes across the special...