Magnis Resources Limited (ASX: MNS) - MNS first New York Gigafactory project on move

  • Aug 02, 2018 AEST
  • Team Kalkine
Magnis Resources Limited (ASX: MNS) - MNS first New York Gigafactory project on move

Magnis Resources Limited (ASX: MNS) is a graphite producer company and is engaged in the business of exploring, developing, and mining natural flakes graphite for consumption in various industries essentially batteries for storing electrical energies. Formerly known as Uranex Limited, Magnis is a dedicated distributor of Super Jumbo, Jumbo and Large flake graphite from its Nachu Graphite Project based in South East Tanzania. With the target of becoming the world’s largest manufacturer of Lithium Ion Battery cells, Magnis is involved in building three gigafactories in Australia, New York, and Germany.

At the onset of building its first Gigafactory, Magnis Resources Limited announced about its reassembly work at Imperium3 New York based in Huron Campus expected for completion by the next week. Frank Polluas led company, Magnis began with mobilisation of equipment from its previous battery manufacturer in North Carolina to the new iM3NY at the Huron Campus in Endicott just after its acquisition.

To keep a constant watch on assets under transit, high end inventory tracking technology and fixed asset tagging system have been used in transportation. Dismantling, packaging and transportation of all equipment and inventories has been undertaken under the assistance of Original Equipment Manufacturers.

Acquired plants and equipment are disassembled at North Carolina and shipped for reassembling in Huron campus with 5 truckloads arriving every week, totalling to 55 truckloads till completion by next week. Manufacturing of Lithium Ion batteries in Huron, first of the Magnis LIB plant, is scheduled for commencement by mid-2019 as stated by Magnis chairperson.

Despite the above update, MNS stock slipped by 1.351% to $0.365 as investors await more positive news from the group.

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