Syrah Resources
The primary mill at Syrah Resources Balama graphite project

ASX-listed Syrah Resources has signed a Memorandum of Understanding (MOU) with BTR New Energy Materials regarding sales and supply chain cooperation.Syrah Resources and BTR New Energy Materials have commenced commercial discussions on these matters and will update the market with further developments.

BTR New Energy Materials is the world’s largest manufacturer of battery anode materials for lithium ion batteries. Based in Shenzhen, China, BTR New Energy Materials supplies both the Chinese domestic and export markets.

Syrah Resources is rapidly advancing its flagship Balama project in Mozambique to production. The project hosts the largest graphite ore reserves in the world with an Australasian Joint Ore Reserves Committee compliant ore reserve of 81.4 Mt at 16.2% total graphitic carbon for 13.1 Mt of contained graphite.

“We are very excited about the opportunity to develop sales and supply options with BTR, and we look forward to continuing the constructive discussions that have been undertaken to date,” says Syrah Resources’ MD and CEO, Shaun Verner.

“In view of this development, we have decided to defer our scheduled sales and marketing investor update on 4 April 2017 for a short period, in order to focus attention on advancing these discussions. At a minimum we will provide an update on the progress of this and other sales and marketing initiatives in conjunction with the release of the March 2017 quarterly update at the end of April 2017,” he concludes.

Balama is a 110 km2 granted mining concession located within the Cabo Delgado province in the district of Balama in northern Mozambique. The Port of Nacala is approximately 490 km by road south east of the project and is the deepest port in Southern Africa.

Feature image credit: Syrah Resources