Syrah Resources Receives $6.5 Million DFC Loan to Support Balama Graphite Mine Restart in Mozambique
ASX-listed Syrah Resources and its subsidiary Twigg Exploration and Mining have received a $6.5 million disbursement from their loan agreement with the US International Development Finance Corporation (DFC).
The funds will be used for working and sustaining capital at the company’s Balama graphite project in Mozambique, which only recently resumed operations following a ten-month suspension.
Syrah plans to withdraw an additional $4.5 million from the DFC loan facility in October, pending a loan restructure.
A further $75 million remains available under the agreement, though future disbursements are subject to new conditions and are not guaranteed.
The company declared force majeure in December 2023 after widespread civil unrest broke out in Mozambique, linked to disputed general elections. The instability disrupted multiple mine sites across the country, including Balama.
Syrah lifted the force majeure and resumed large-scale shipments from Balama at the end of July 2024, marking a critical step toward stabilising operations and re-establishing its position in the global graphite supply chain.
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