Syrah Resources gets approval for the Balama graphite project in Mozambique

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Syrah Resources gets approval for the Balama graphite project in Mozambique

8:57 CAT | 30 Aug 2017

Syrah Resources (Courtesy photo) / Balama plant site

SyrahResources has announced the government of Mozambique has approved a mining agreement which contractualises its mining rights for the Balama graphite project.

The industrial minerals and technology company’s wholly owned subsidiary, Twigg exploration, concluded the negotiations with Mozambique’s ministry of mineral resources and energy.

The company says the approval of the agreement represents a significant milestone and reaffirms Mozambique’s commitment.

Shares in Syrah Resources are trading 6.25 per cent higher to $2.89.

Meanwhile, in Maputo, Lusa reports that spokeswoman to the Council of Ministers, Ana Comoana, told the press yesterday that the government had approved the terms of the agreement for the concession of a graphite mine in the district of Balama, in the northern province of Cabo Delgado, in Mozambique, an investment estimated at about US$90 million dollars (about 75 million euros).