Australia-based Magnis Resources, which is developing the Nachu Graphite Project in Tanzania, has signed a memorandum of understanding with Rosatom International Network (part of Russian state nuclear corporation Rosatom) for project financing and offtake of super jumbo and jumbo flake graphite.

Magnis said the agreement marks a key milestone in the development of the Nachu project. "Larger flake graphite which our Nachu Project will produce is a key material used in nuclear reactors and it is highly sought after. Our project therefore is strategically important to Rosatom over the longer term," Frank Poullas, chairman of Magnis Resources, said on 30 January.

Magnis focuses on exploring for, developing, and ultimately mining natural flake graphite for use in various industries.