果酱视频

Syrah Resources, backed by AustralianSuper, will restart operations at its Balama graphite mine in Mozambique after a nine-month hiatus, potentially improving its position in ongoing negotiations with U.S. government lenders. The resumption comes as Syrah works to resolve default conditions tied to two critical U.S. loans, triggered by recent civil unrest near the mine site.

On Thursday, the miner said the U.S. International Development Finance Corporation (IDFC) agreed to defer this month鈥檚 interest payments. Although clauses in a separate $102 million loan from the U.S. Department of Energy (DOE) have also been breached, Syrah has not defaulted on repayments. Both loans support efforts to diversify graphite supply chains and reduce reliance on Chinese producers.

Graphite is a key component in lithium-ion batteries, and Syrah remains one of the few non-Chinese producers of the material. The DOE loan is funding a graphite processing facility in Louisiana, close to customers like Tesla. IDFC鈥檚 $150 million loan supports development at the Balama mine.

鈥淲e haven鈥檛 defaulted on any repayments under the loans,鈥� said Syrah CEO Shaun Verner. 鈥淏ut we have had 鈥榚vents of default鈥� under conditions of the loan,鈥� due to missed output targets and project delays stemming from community protests.

Operations at Balama have been limited since September, when protests erupted over farmland resettlement issues. Demonstrators blocked access to the mine, disrupting labor and supply lines. The protests intensified unrest in Cabo Delgado, a province already grappling with instability.

鈥淚t took us quite some time to work with the government to resolve the community protests because of some of the challenges around the transition of government and various ministries,鈥� Verner said.

The political landscape in Mozambique has been volatile since the October presidential elections, which saw Daniel Chapo of the Frelimo party rise to power. His opponent, Venancio Mondlane, has contested the results, sparking widespread demonstrations.

Despite these challenges, Syrah plans to restart production before the end of June and resume shipments shortly after. The mine will operate in 鈥渃ampaign mode,鈥� running intermittently to meet demand efficiently. This approach allows the company to adapt to fluctuating demand in the non-China graphite market.

Since production began in 2017, Syrah has struggled with weak graphite prices due to persistent oversupply from China. These market pressures have led to intermittent shutdowns of the Balama mine.

AustralianSuper, Syrah鈥檚 largest shareholder with a 32% stake valued at $54 million, has continued to support the company. On Thursday, Syrah鈥檚 shares rose 6.5% to 41 cents.