26 May 2017
TOWNSVILLE LITHIUM-ION BATTERY PLANT UPDATE
Magnis Resources Limited (“Magnis” or the “Company”) (ASX:MNS) is pleased to provide an update on the proposed Townsville Lithium-ion Battery Gigafactory.
In recent weeks, meetings have taken place with senior officials of Townsville City Council and Members of Parliament in the Queensland State Government with a high level of support for the project. This resulted in the identification and provision of a number of potential local council and state development sites, which meet the consortium’s criteria. These are being assessed by Magnis engineers who are currently deciding on the preferred location.
Site selection is a key milestone which will demonstrate the commitment by all parties including the local and state government to fast track the project. Once the location has been chosen it paves the way for the commencement of the feasibility study to initiate the design and engineering phase of the project.
To date, a high level of local and overseas interest has been received for both the funding of the project and for offtake. Further details on both these issues will be reported as they come to hand.
Chairman of Magnis Resources Frank Poullas commented: “The level of interest coming through for the Townsville Gigafactory is extraordinary. Being able to create a sustainable supply chain that bypasses the current major battery producing nations is something that really appeals to potential end users and investors.”
Boston Energy and Innovation Director Corey Cooney added: "Today’s announcement is an important step forward for the Townsville battery plant. We are getting huge support from Queensland State Government and Townsville City Council. We will look forward to continuing this collaboration towards bringing this project online.”
The consortium led by Boston Energy and Innovation consists of Magnis, New York based Eastman Kodak Group (NYSE:KODK), Charge CCCV (C4V) and C&D Assembly. The consortium is committed to transforming Australia’s energy security by pledging the new batteries will be cost competitive, better performing, a sustainable supply chain, environmentally friendly and an alternative to current major energy suppliers.
For further information:
Magnis Resources Limited
+61 2 8397 9888