TIDMBEM
Beowulf Mining PLC
08 March 2021
8 March 2021
Beowulf Mining plc
("Beowulf" or the "Company")
Memorandum of Understanding with Epsilon Advanced Materials
Private Limited
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, is pleased to announce the signing of a
Memorandum of Understanding ("MoU") with Epsilon Advanced Materials
Private Limited ("EAMPL"), a subsidiary of Epsilon Carbon.
The MoU enables Beowulf's 100 per cent. owned subsidiary Oy
Fennoscandian Resources AB ("Fennoscandian") to build its
downstream capability, collaborating with a strong and innovative
technology/processing partner, and for EAMPL to firmly establish
itself in Finland, as a market-entry point for supplying pre-cursor
anode material into Europe.
Purpose of the MoU
-- Develop the concept of a strategic processing hub (the "Hub")
for both natural flake and recycled graphite to be located in
Finland;
-- Target the market for pre-cursor anode material for the
lithium-ion batteries in the Nordics and Europe; and
-- Consider establishing a Joint Venture between Fennoscandian and EAMPL.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"We are very pleased to have signed a MoU with EAMPL. With the
Capital Raising behind us, this MoU is part of our acceleration
plan for Fennoscandian, as the Company fulfils its role as a
potential future supplier of the raw materials, that Finland and
Europe need for manufacturing lithium-ion batteries.
"In EAMPL, we have found a partner who shares our sustainability
values and we are looking to an exciting future ahead."
Vikram Handa, Managing Director of Epsilon Advance Materials
Private Limited, commented:
"We actively support the development of the Finnish Active Anode
Material supply ecosystem and with Beowulf MoU we see potential to
develop a Finland based Natural Graphite business.
"Over the past three years Epsilon group has been working
closely on a range of innovative Carbon Products which will create
substantial value over the long term.
"We are happy to partner with Beowulf and derive sustainable
value from their Aitolampi asset."
About Beowulf Mining plc
Beowulf Mining plc ("Beowulf" or the "Company") is an
exploration and development company, listed on the AIM market of
the London Stock Exchange and the Spotlight Exchange in Sweden. The
Company listed in Sweden in 2008 and is approximately 71.5 per cent
owned by Swedish shareholders.
Beowulf's vision is to build a sustainable and innovative mining
company, which creates value by developing mining assets in
partnership with communities, delivering production and generating
cash flow, and in so doing meets society's ongoing need for
metals.
Fennoscandian Resources ("Fennoscandian"), the Company's
graphite business, is pursuing a strategy to develop a
resource/production base of natural flake graphite that can provide
'security of supply' and enable Finland to achieve its ambition of
self-sufficiency in battery manufacturing. The Company is a
recipient of Business Finland funding, which is supporting
Fennoscandian to move downstream, and develop its knowledge in
processing and manufacturing value-added graphite products.
The Company is developing the Aitolampi graphite asset, which
has a contained graphite resource of 1,275,000 million tonnes,
possessing almost perfect crystallinity, an important prerequisite
for high tech applications, such as lithium ion batteries.
The Company's asset portfolio is diversified by commodity,
geography and the development stage of its various projects, and
features metals and minerals in demand to facilitate an economic
'Green Transition' and for addressing the climate emergency.
About Epsilon Advance Materials Private Limited
Epsilon Group journey started in year 2010 with aim of
establishing India's largest coal chemical processing facility. We
believe that manufacturing superior products coupled with best
practices will help us forge ahead in newer markets and explore
global partnerships.
We have manufacturing units situated at Karnataka, Chhattisgarh,
and Orissa states of India. Epsilon Carbon has always partnered as
important part of supply chain for many of India's biggest names in
aluminium, carbon black, tyres and mechanical rubber goods, &
other specialty chemicals. Recently we have commissioned our Carbon
Black plant for 1,15,000 TPA.
Epsilon Carbon marked its entry in lithium-ion Battery Space by
forming majority owned subsidiary - Epsilon Advanced Materials Pvt
Ltd (EAMPL).
EAMPL has commissioned their manufacturing unit to produce 2500
TPA precursor for synthetic graphite. We also have a 50MT pilot
plant which uses our proprietary technology for processing
(Milling, Shaping, Coating & Thermal purification) of Natural
Graphite flakes to manufacture Battery grade Purified Spherical
Graphite. We aim to expand our natural graphite flake processing
capacity to 25,000 TPA by 2027.
Enquiries
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 3771
Officer 6993
SP Angel
(Nominated Adviser & Broker)
Ewan Leggat / Stuart Gledhill Tel: +44 (0) 20 3470
/ Adam Cowl 0470
Blytheweigh
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138
3204
Epsilon Advanced Materials Tel: +91 22 2271 2833
Denish Gala
Cautionary Statement
Statements and assumptions made in this document with respect to
the Company's current plans, estimates, strategies and beliefs, and
other statements that are not historical facts, are forward-looking
statements about the future performance of Beowulf. Forward-looking
statements include, but are not limited to, those using words such
as "may", "might", "seeks", "expects", "anticipates", "estimates",
"believes", "projects", "plans", strategy", "forecast" and similar
expressions. These statements reflect management's expectations and
assumptions in light of currently available information. They are
subject to a number of risks and uncertainties, including, but not
limited to , (i) changes in the economic, regulatory and political
environments in the countries where Beowulf operates; (ii) changes
relating to the geological information available in respect of the
various projects undertaken; (iii) Beowulf's continued ability to
secure enough financing to carry on its operations as a going
concern; (iv) the success of its potential joint ventures and
alliances, if any; (v) metal prices, particularly as regards iron
ore. In the light of the many risks and uncertainties surrounding
any mineral project at an early stage of its development, the
actual results could differ materially from those presented and
forecast in this document. Beowulf assumes no unconditional
obligation to immediately update any such statements and/or
forecast.
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END
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