Australia’s Volt Resources Limited is paying $7.6 million to buy control of Ukraine’s Zavalivsky Graphite LLC, one of the 10 largest producers of natural graphite in the world.

 Volt says it is buying 70% of the company to become a producer of graphite for li-ion batteries. With a production capacity of 30,000 tons a year, Zavalivsky Graphite has been mining the deposit in Kirovohrad since 1934.