Syrah Resources Secures $8.5M DFC Funding to Support Balama Graphite Mine Amid Market Challenges
Syrah Resources Ltd. announced on Monday that it has secured an additional $8.5 million disbursement under its loan facility with the U.S. International Development Finance Corporation (DFC).
The funds, expected by Thursday, November 20, will primarily support working capital requirements and ongoing operations at the company’s Balama graphite mine in Mozambique.
Following this payment, the outstanding DFC loan balance stands at $68 million, excluding origination costs.
Background on the DFC Loan
Syrah first entered a $150 million loan facility with the DFC for Balama in October 2024, receiving an initial $53 million disbursement.
Further payments were delayed after the mine’s operations were temporarily suspended in December 2024. Production and graphite exports resumed in June 2025, with a second payment of $6.5 million released in August.
CEO Statement
Syrah’s Managing Director and CEO, Shaun Verner, said:
“We are pleased to continue our long-term partnership with DFC. Balama is the largest integrated graphite mining and processing operation globally, playing a critical role in supply chain security for the electric vehicle and energy transition sectors in the U.S.
Our focus remains on safely delivering Balama production and natural graphite sales to strengthen ex-China supply resilience and meet our stakeholders’ objectives.”
Production and Market Context
The financing will support ongoing mining activities, but Balama is currently operating on a campaign schedule, significantly below full capacity. This adjustment reflects market oversupply and declining graphite prices.
Full capacity: 350,000 tonnes per year
Third-quarter output: 26,000 tonnes
Syrah has not specified how long the reduced operating schedule will continue. Discussions with the DFC are planned regarding timing of future disbursements under the overall loan agreement.
Strategic Importance
Balama is the largest graphite mine in Africa, providing a critical supply of natural graphite for global EV and energy markets.
The DFC financing helps maintain operations while the company navigates market fluctuations and works to strengthen ex-China supply chains.
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