https://newsletter.mw.creamermedia.com
Energy|Resources|Operations
Energy|Resources|Operations
energy|resources|operations

Syrah Resources secures loan waiver amid Mozambique unrest

The Balama mine in Mozambique

The Balama mine in Mozambique

7th January 2025

By: Reuters

  

Font size: - +

Australia's Syrah Resources said on Tuesday it has secured a waiver for default events under its United States International Development Finance Corporation (DFC) loan of $150-million, granting it relief following operational disruptions at its Balama graphite operation in Mozambique due to ongoing nationwide protests.

The company suspended operations at its flagship graphite mine in December, following disruptions caused by farmer-led protests since September 2024. Despite the suspension, Syrah has not defaulted on any loan payment obligations.

The Melbourne-based miner received a $53-million tranche in November 2024, which is now available for Balama's working capital.

While the remaining balance is committed, "further DFC loan disbursements are not available while Balama operations are blocked by the protest actions," Syrah said in a statement.

"Operating conditions in Mozambique are challenging with ongoing nationwide protests associated with general elections causing widespread disruptions throughout the country," it added.

Syrah said it is actively collaborating with the DFC and the US Department of Energy regarding these default events as the nationwide protests continue to disrupt operations across Mozambique.

Shares of the miner were up 2.3% to A$0.22 in early trade.

Edited by Reuters

Comments

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

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:0.052 0.127s - 127pq - 2rq
Subscribe Now