The U.S. International Development Finance Corporation (DFC) has approved a $150 million loan to support Syrah Resources’ Balama graphite mine in Mozambique.
This follows DFC’s conditional commitment to Syrah’s subsidiary, Twigg Exploration and Mining, in September last year.
An initial disbursement of $73 million is anticipated in November, funding essential operations, expansion of the tailings storage facility, and feasibility studies for vanadium resource development at Balama.
Syrah MD and CEO Shaun Verner highlighted Balama’s critical role in the U.S. minerals strategy, calling it one of the largest integrated graphite mining and processing projects worldwide. \
The mine is expected to yield 365,000 tonnes of graphite concentrate annually over its first decade, with a projected 50-year life and significant reserves totaling 108 million tonnes at 16% graphitic carbon (TGC).
DFC’s loan underscores the U.S. commitment to advancing clean energy, economic growth, and strong labor and environmental standards, stated DFC Acting VP for Infrastructure Danielle Montgomery.
