Volt Resources has signed a letter of intent (LOI) with M2i Global agreeing to supply 20ktpy graphite concentrate (94-99.5% C) from its Zavalievsky mine in Ukraine.

M2i Global’s objective is to secure the contract to graphite concentrate to the USA Department of Defense (DoD), with the option to extend the 3-year contract and receive additional concentrate from phase two production of Volt’s Bunyu mine project in Tanzania.

Furthermore, Volt has signed a joint development agreement (JDA) with American Energy Technologies Company (AETC) to collaborate and secure funding from the USA Department of Energy (DoE) to build a 7.5ktpy natural graphite anode plant in the USA. The plant is planned to start production in 2026 and supply Europe and USA domestic markets.

Initially, the plant was planned to be located at Volt’s ZG mine site. However, the company’s decision to reconsider its plant location is in line with assisting the US to reduce its dependency on China for downstream spherical processing, establishment of an integrated mine operation and the opportunity to be eligible for the USA Inflation Reduction Act (IRA) green tax credits for graphite processed in the county.

Despite being awarded a €600k (US$654k) grant through the European Union’s Horizon Research and Innovation funding programme for a graphite anode development project, called GR4FITE3 earlier in the year. Volt’s current focus seems to be on creating a graphite supply chain in the USA instead of Europe. So far, the company has signed two non-binding agreements with USA-based companies including a memorandum of understanding (MoU) with 24M where it has agreed to promote Volts anode products to its customers.