German company ThyssenKrupp Metallurgical Products has concluded an offtake agreement for 20,000t of graphite a year from Kibaran Resources.

The company will purchase graphite for a period of ten years for the European, Russian and Korean markets.

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The transaction has enabled ThyssenKrupp to extend agreement for a period of another five years.

ThyssenKrupp Metallurgical Products management of the board chairman Kai-Norman Knötsch said: "Graphite is an extremely good fit with our mineral unit’s portfolio.

"The collaboration with Kibaran Resources Limited will enable us to further expand our activities in the refractory industry in Europe, Russia and Korea."

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"The collaboration with Kibaran Resources Limited will enable us to further expand our activities in the refractory industry in Europe, Russia and Korea."

In October last year, when the deal was first announced, Kibaran said that the agreement will account for about 25% of the company’s planned 40,000t annual graphite production from its Epanko Project.

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The agreement will also support the future development of its Merelani project.

Expected to be in operation by early 2017, the Epanko Graphite Project has already obtained a mining license from the Government of Tanzania.

Kibaran Resources managing director Andrew Spinks said: "The signing of the agreement for the sale of Kibaran’s graphite products is a milestone event, enabling Kibaran to progress the development of Epanko and become a significant graphite producer."

Australia’s Kibaran Resources has already secured a site offering significant graphite deposits with good development opportunities and also has good transport infrastructure in place.