Mineral Resources (MinRes) has stepped back from proceeding with its synthetic graphic project with Hazer Group as it hones in on its focus on the iron ore, lithium and mining services portfolios.
MinRes and Hazer undertook a collaborative agreement in 2017 and included a three stage proposal.
The companies finalised the stage one of the pilot plant in 2019 and was successful in producing graphite at more than 95 per cent total graphitic carbon.
However, after conducting a review of the synthetic graphite industry, MinRes decided that it was no longer a strategic focus for the company.
“Mineral Resources have played an important part in the development of Hazer, as investor, collaboration partner and board members; we would like to acknowledge that,” Hazer Group chair Tim Goldsmith said.
“We understand the reasons behind Mineral Resources decision and wish them well with their rapidly growing and very successful minerals business.”
A deed of termination has been exchanged between the companies and is expected to be completed in due course.
As part of MinRes’ focus on its other portfolios, the company announced last week that it planned to grow its iron ore business through its four Western Australian exports projects.
The company is hoping to export 13 million tonnes from its Yilgarn Hub at the Port of Esperance and 14 million tonnes from its Utah Point Strategy at the Port of Hedland a year, with 25 million tonnes exported from the Ashburton infrastructure project and 40 million tonnes from the Southwest Creek development a year.