Syrah Resources has signed two new contracts for the sale of graphite to be extracted at the Balama mine in northern Mozambique, one of which is with China’s Qingdao Freyr Graphite Co., Ltd, the Australian company said in a market filing.
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Production of the Balama graphite mine in Cabo Delgado province, northern Mozambique, increased 83.0% in the third quarter compared to the second, Australian company Syrah Resources said in a statement to the market.
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Syrah Resources has struck more turbulence in Mozambique, with a fire affecting processing equipment at the company’s Balama graphite mine.
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Syrah Resources’ mining agreement for the Balama graphite operation in Mozambique has been sanctioned.
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Production for the month of September is expected to be approximately 15kt of natural flake graphite, compared to the estimate of 18kt at the start of the month. This is expected to result in a third quarter production forecast of 39-40kt versus second quarter of 21.2kt, an increase of approximately 85% , according to Syrah Resources.
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Syrah Resources will issue common shares reserved for shareholders to raise capital for a graphite project in Cabo Delgado, Mozambique, the company said in a statement.
Read MoreThe Balama project will cut into China’s dominance in the sector. Australian-listed Syrah Resources is targeting the market for electric vehicle batteries with its Balama graphite mine in Mozambique, which started production in November.
Read MoreBattery Minerals has received commitments from institutional, sophisticated and professional investors to raise A$20-million to fund its next phase of growth at its Mozambique-based graphite projects.
Read More– Graphite developer Syrah Resources is hoping to raise A$110-million through a share placement and pro-rata accelerated nonrenounceable entitlement offer to fund the development of its Balama project, in Mozambique, and to provide working capital.
Read MoreSyrah Resources has signed an agreement to sell graphite from the Balama operation in Mozambique to Chinese battery anode manufacturer Shenzhen BTR New Energy Materials’ (BTR) subsidiary Jixi BTR Graphite Industrial.
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