Mozambique Mining: Syrah Resources issues shares to finance graphite project in Mozambique

Cabo Delgado based graphite company Syrah Resources will issue shares worth 94 million Australian dollars (US$68 million) to develop a graphite deposit exploration project in Mozambique’s Cabo Delgado province, the company said in a market filing on Tuesday.

The statement said that US30 million would be invested in the Mozambican Balama project, US$25 million in a plant in the United States that will convert graphite extracted from raw materials to be sold to battery manufacturers and US$11 million to finance the costs of the company, including administrative costs.

The remaining US$2 million will be used to fund a study to assess the vanadium resources in the Balama mining concession.

Syrah Resources announced last May it had signed an agreement to purchase an industrial site in Vidalia, Louisiana, United States, where it will build a factory for the production of battery components. source: macauhub