Balama graphite, northern Mozambique, began trading this month to different parts of the world, Australian mining company Syrah Resources said today.

 

“Sales of graphite started and a range of products was shipped to Europe, China, the USA, India and Brazil,” reads the activity report for the last quarter of 2017.

The company concluded January 1 the construction phase of the mine, which is now handed over to the operations team.

Production by Saturday had already passed the mark of the first three thousand tons, and Syrah expects to produce 160 to 180 thousand tons of graphite this year, mainly destined for battery manufacturers, such as those used in electric cars.

“The prices for the first orders are lower than the forecasts of the market agencies, but the first results will be received in February 2018,” the document said.

Syrah has 567 direct employees in Balama, of whom 90% are Mozambicans, and plans to increase the number of local workers by 2018 to around 650 people in full production, he adds.

Twigg Exploration and Mining, a subsidiary of Syrah, signed a contract with the Mozambican Government in August 2017 to operate in Balama for a renewable term of 25 years.

According to the report released today, the total expenses already incurred for the development of the project amount to US $ 213 million (172.5 million euros). source:LUSA