Syrah to raise $110m for Balama

MELBOURNE-based Syrah Resources has plans to raise about $110 million to go towards ramp up at its Balama graphite project in Mozambique.

Soon to enter production, the Balama project will be the leading global producer of high purity graphite.

Syrah also intends to use the funds to cover costs associated with the commercial acceleration of its battery anode material (BAM) strategy, focused on developing growth opportunities in the emerging global battery industry.

“This will give Syrah the best opportunity to capitalise on opportunities as soon as possible,” the company stated.