AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Magnis Resources Limited (ASX:MNS) is a metal and mining company based in Sydney, Australia. The company is engaged in extracting graphite from its 100% owned Nachu Graphite Project located in South East Tanzania, and now the company is moving into battery technology by manufacturing lithium-ion battery (LIB) cells. The company is further planning to build three large scale gigafactories in Australia, USA, and Germany.
Today, the company has announced LIBCOIN in association with BHEL for building Indiaâs first lithium-ion battery (LIB) Gigafactory. It will initially generate 1GWh LIB cells which will be scaled up to 30GWh. This Project is a part of Prime Minister Modiâs âMake in India, for Indiaâ program.
LIBCOIN is an association of MNS, Duggal Family Trust and Charge CCCV (C4V) which have come together to build large LIB gigafactories globally. MNS holds a 20% interest in LIBCOIN which is non-dilutive.
BHEL is an Indian integrated power plant equipment manufacturer, with The Government of India holding 63.06% of its equity. It is one of the largest engineering and manufacturing organization in India with an annual turnover of US$4.1 Billion with over US$8 Billion in assets during FY18. It has technology tie-ups with Kawasaki Heavy Industries Ltd, General Electric, Siemens, and Metso Automation Inc.
MNS and other partners of LIBCOIN had been working from past 12 months to build the factory as they believe the Indian market to be a significant market for LIB manufacturing. LIBCOIN has been in discussions with BHEL for the past nine months. Discussions are being conducted with details being Commercial in Confidence. The binding agreements are expected to be signed in the near future.
BHEL will be sending a team for the evaluation and recommendations of the Project post which the Joint Venture will be carried forward. According to the Indian government, this project will bring energy independence by replacing oil imports with abundant renewable and will create an integrated manufacturing ecosystem resulting in self-reliance and lower cost.
Currently, there are one million electric cars in the world, and the International Energy Agency has projected the number to go up to 140 million by 2030 if countries meet Paris climate accord targets. The electric transportation will help various Indian cities including Delhi to cut down their pollution level.
As per the management, the consortium is very excited about the Project and aims to be the first mover in one of the worldâs largest markets. They are also encouraged by the press release made by The Central Government of India.
Looking at Magnis Resources Limitedâs stock performance and the return it has posted over the last few months, the stock has generated a positive return of 12.28% during the last month. It is currently trading at $0.335 (as on 21 January 2019) with a surge of 4.688% in the price during the dayâs performance following the news. The company has ~611.14 million shares outstanding with the market cap of circa $195.56 million. Its 52-week high and low are marked at $0.520 and $0.255 respectively.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
