Melbourne, Australia — 31 May 2013 – Australian mining resources company Syrah Resources has raised its estimates of graphite deposits in the Balama mining project in Mozambique to 117Mt, along with 2.7Mt of vanadium pentoxide.
Macauhub News Agency reports that in the document released here, the company said that the graphite reserves at the mining concession in Mozambique actually exceeded world graphite reserves, which at the end of 2012 stood at 77Mt, according to the United States Geological Service.
“Syrah plans to make Balama the world’s largest low cost graphite producer, overtaking China and putting a high quality product on an expanding market,” the statement said.
The Balama concession, which covers an area of 106sq km, is located in an area some 265km west of the capital of Cabo Delgado province, Pemba.
Graphite is a high value type of carbon due to its electrical conduction properties and can be used in batteries and fuel. It is also the basis of graphene, a material with high potential use in the electronics industry.
World graphite production totals 1.3Mtpa and prices vary based on quality and size. Powdered graphite is sold at US$700/t and higher quality graphite is sold for up to US$6,000/t.
Vanadium pentoxide is sold at just over US$13,000/t, and is used to produce stainless steel for surgical instruments and other tools.
Source: Macauhub News Agency. For more information, click here.