Lion Battery Technologies

ASX-listed Syrah Resources has signed a purchase agreement for an industrial site for its battery anode material development in Vidalia, Louisiana.

Under the terms of the agreement, the purchase price of US$1.225 million is for a 25 acre site with an existing 50 000 square foot industrial building.

As is customary in Louisiana, the company has a period of up to 90 days to complete its due diligence process, to ensure that the usual matters such as title searches and site surveys, and site specific requirements are satisfactory.

The due diligence process and utility pricing negotiations are well progressed.

Syrah Resources has the option to bring forward the completion of the purchase agreement once it is satisfied with the due diligence outcome.

Syrah Resources expects to complete the purchase in advance of the due diligence time frame.

“With the purchase agreement for the Vidalia site, we continue to progress our initial entry into the battery anode material (BAM) market,” comments MD and CEO Shaun Verner.

“Consistent with our approach in Mozambique, Syrah Resources is committed to environmental sustainability and community engagement through development and into operations.

“The company’s recently awarded ISO Certifications for Health, Safety and Environmental management systems for its Balama operation demonstrates the company’s commitment to global best practice,” he adds.