Syrah officially opens Balama Mine

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.