Syrah Resources secures loan waiver amid Mozambique unrest
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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation