https://newsletter.mw.creamermedia.com
Exploration|Mining|Resources|Storage|Maintenance|Operations
Exploration|Mining|Resources|Storage|Maintenance|Operations
exploration|mining|resources|storage|maintenance|operations

Syrah receives first $53m disbursement from DFC loan

11th November 2024

By: Creamer Media Reporter

     

Font size: - +

Australia-listed Syrah Resources has announced that its subsidiary, Twigg Exploration and Mining, has received the first disbursement of $53-million from its loan agreement with the US International Development Finance Corporation (DFC) to support the development of the Balama graphite operation in Mozambique.

The loan proceeds will be allocated for working capital, sustaining operations, and funding the expansion of the Balama tailings storage facility (TSF), as well as covering associated loan transaction costs. The disbursement is part of a broader $100-million loan package, with an additional $47-million committed and available to Twigg up until October 2027. These funds will support ongoing operational needs, the TSF expansion, and the development of vanadium resources at the site.

In addition, Syrah reported that widespread post-election protests in Mozambique had impacted the responsiveness of authorities to resolving illegal action at Balama.

The protests at Balama stem from grievances related to historical farmland resettlement, and are said to hinder movement of people, interrupting site access and currently preventing the start of the next production campaign.

Balama is operating on a campaign mode basis, and may temporarily halt production due to maintenance, inventory positions, and other planned or unplanned factors. Syrah will require a campaign in the December quarter to replenish inventories.

Edited by Creamer Media Reporter

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
John Ratcliffe
John Ratcliffe

At John Ratcliffe, we are aftermarket specialists for heavy-duty on and off-road vehicles. We engineer and retrofit advanced safety systems, engine...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 21 February 2025
Magazine round up | 21 February 2025
21st February 2025
BOLSTERING PRESENCE
The project is set to bolster Namibia’s position as one of the world’s leading uranium producers
Uranium mine moving closer to production
21st February 2025 By: Simone Liedtke

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.049 0.126s - 128pq - 2rq
Subscribe Now