Australian-based industrial minerals and technology company Syrah (ASX:SYR) has officially opened the Balama Graphite Operation in Mozambique.
Mozambican President Filipe Nyusi inaugurated the graphite mine which has a capacity to produce quarter of a million tonnes of graphite a year.
The investor is Twigg Exploration and Mining, a subsidiary of Syrah Resources. The investment so far is around US$250 million.
Although the inauguration ceremony was on Thursday, the open cast mine has been in operation since November, exporting graphite to markets in Europe, America and Asia.
Shares in Syrah (ASX:SYR) areup 1.27 per cent to $3.18.