Australian critical minerals producer Volt Resources (ASX:VRC) has accelerated the development of its flagship Bunyu Graphite Project in Tanzania following a major expansion of its offtake agreement with Qingdao Baixing Graphite.
The revised five-year deal secures the sale of 20,000 tonnes per annum of coarse flake graphite for the first two years, with volumes set to surge to 90,000 tpa for the remainder of the term.
The expansion, paired with a recent US$11.1 million equity investment from the Unbounded Opportunities Fund, positions the project to achieve a targeted annual production of 40,000 tonnes of concentrate.
With over 65% of Stage 1 revenue now secured through this coarse flake offtake, Volt Resources is moving toward financial close as it aims to become a significant non-Chinese supplier in the global graphite market.
At the time of reporting, Volt Resources' share price was $0.0080.