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Syrah Resources Limited (ASX: SYR) (“Syrah” or “Company”) is pleased to announce the purchase completion of its Battery Anode Material (BAM) plant site in Vidalia, Louisiana. During the due diligence period Syrah also finalised the major terms for electricity, natural gas and water utility agreements.
The combination of the site and utility agreement terms provides a strong competitive base for the Company’s BAM development.
Mobilisation of long lead equipment for the initial 5,000 tonnes per annum graphite milling and shaping capacity to the Vidalia site will commence immediately. Further major capital expenditure will be determined in conjunction with the Balama cash flow profile.
Shaun Verner, Managing Director and CEO said, “The completion of the BAM site purchase is a significant milestone for the Company. The site provides a solid base to commence the commercialisation of our BAM strategy. Combined with our BAM product development activities and ongoing engagement with potential customers, initial qualification products will help inform the potential of a larger commercial scale facility, and are a critical strategic step towards market entry. We look forward to creating a sustainable long term operation in Louisiana, providing a source of geographic product diversification, collaborating with the Vidalia and Natchez communities, and applying the global best practice standards in health, safety, environment as evidenced at our Balama Operation in Mozambique.”