US takes stake in graphite miner Syrah Resources

THE US International Development Finance Corporation (DFC) is converting a $31m loan to Australian graphite producer Syrah Resources into equity, giving Washington a roughly 20% stake in one of the world’s largest graphite mining operations, said Bloomberg News.The conversion will occur in two tranches and will make the DFC Syrah’s second-largest shareholder. The agency will also disburse an additional $15m to the subsidiary operating Syrah’s Balama graphite mine in northern Mozambique. The deal remains subject to due diligence and government approvals.“In today’s era of global competition, economic security is national security,” said CEO of DFC Ben Black. “With this transaction, we will secure US access to one of the largest graphite reserves in the world.”Graphite is a critical material in the anodes of rechargeable batteries used in electric vehicles and energy storage. China accounted for 78% of global mined graphite output last year, according to the US Geological Survey, and dominates processing of the purified product used in batteries, said Bloomberg News.The transaction is part of a broader push by the Trump administration to reduce dependence on China across critical minerals supply chains. DFC recently committed $600m to a consortium buying stakes in Glencore’s copper-cobalt mines in the Democratic Republic of Congo, and is considering $700m for a tungsten mine in Kazakhstan.Syrah also operates a graphite anode processing plant in Louisiana, which has faced delays in securing an offtake agreement with Tesla.The post US takes stake in graphite miner Syrah Resources appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com