DNI Metals Inc. (DNI:CSE; DMNKF:OTC), in a news release, provided an update on its filings for environmental licenses for its Madagascar assets and on its graphite offtake agreement with a Korean concern.
Regarding the filings, the company got the necessary documents completed for environmental licensing for its Vohitsara and Marofody graphite projects in Madagascar, signed by the director general of the mines ministry on Nov. 16 and then filed with the Office National Pour l'Environnement (ONE) on Nov. 20. Additionally, it wired to ONE the appropriate fees, a percentage of the capex for the projects, on Nov. 19.
Concerning the offtake agreement, DNI Metals amended its binding supply agreement with Korea Graphite Co. Ltd., a subsidiary of Peninsula Mines Ltd. The agreement calls for DNI to supply flake graphite in escalating quantities for specific time frames, up to 24 thousand tons per year, to Korea Graphite. This is subject to Korea Graphite finalizing offtake agreements with Korean end users by July 1, 2019.
"Madagascar has been producing high-purity, large-flake graphite for over 100 years, and DNI's large-flake graphite deposits are saprolite hosted and close to port," Jon Dugdale, director of Korea Graphite, was quoted saying in the release.
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