Syrah Resources Limited (ASX code: SYR) is an Australian-based industrial minerals and technology company. Syrah owns and constructed the Balama Graphite Project (Balama) in Mozambique. Balama is high grade, long life asset and is the largest natural graphite mine globally. Operations at Balama commenced at the start of 2018 with Syrah ramping up production to nameplate capacity of 350ktpa over time based on market demand. Balama also contains a significant Vanadium Resource which is a by-product currently reporting to tailings at Balama.

Syrah is currently developing its downstream Battery Anode Material (BAM) project in Louisiana, USA. The Company’s strategy is to rapidly produce and commence qualification of its BAM products to establish a core ex-Asia battery supply chain position. Initial production of spherical graphite BAM product is targeted by the end of 2018.

Syrah’s natural graphite and BAM project is exposed to the high growth lithium-ion battery markets with graphite being a key material for battery anodes.


  • To be the global base load provider of premium quality natural graphite for major consumers across market segments through ramp up of the Balama Operation in Mozambique
  • To establish a core ex-Asia battery supply chain position through development of its downstream Battery Anode Material (BAM) project

Strategic Priorities

  • Optimise the Balama process plant and ramp up to ~70% of nameplate capacity by the end of 2018, continuing the consistent performance in grade >95% fixed carbon and particle size distribution
  • Further capitalise on the potential for price differentials, to consistently produce graphite of up to 98% fixed carbon
  • Continue to evolve the diversified customer base for Balama natural graphite by geography and market segments in the traditional industrial and Battery Anode Material markets
  • Achieve operational positive cash flows at Balama is operationally cash flow positive as early as possible
  • Rapid development of qualification Battery Anode Material (BAM) product at Syrah’s BAM site in Louisiana, USA
  • Capitalise on the Balama first mover advantage with optimisation opportunities including review of Vanadium scoping study

Investment Highlights

  • Syrah’s Balama Graphite Mine (Balama) in Mozambique is a high grade (17%), long life (LOM 50 years) asset (ASX Announcement)
  • Operations commenced in 2018, establishing Balama as the largest global producer of natural flake graphite with expected market share of ~35-40% at full capacity
  • Syrah’s downstream strategy to commence qualification of Battery Anode Materials (BAM) from its US facility to establish a core ex-Asia battery supply chain position
  • Exposure to high growth Lithium Ion battery markets with graphite a key component of battery anode

Exposure to high growth lithium-ion battery markets

  • Graphite is a key component of the anode in lithium-ion batteries, used in electric vehicles and energy storage systems, both rapidly growing markets.
  • Balama’s graphite product mix (~70% of -100 mesh fine flake graphite) and specifications are suited for use in these markets.

Competitive advantage in the Battery Anode Material (BAM) value chain

  • Balama’s scale, quality and low production costs are key competitive advantage enablers in the delivery of Syrah's BAM strategy
  • Syrah's BAM strategy provides the opportunity to produce a value-added product compared to flake graphite and capture additional cash margin by establishing a core position in the battery supply chain

Vanadium optionality at Balama

  • Balama contains a significant vanadium Resource which presents a potential value-accretive opportunity
  • Vanadium is by-product liberated during the graphite production process and could potentially be refined into a saleable product (V2O5) via processing of material currently reporting to tailings at Balama
Syrah History  
Nov 2018 Syrah successfully produced 98% fixed carbon grade graphite using standard flotation processes
Sep 2018 Binding Mining Agreement received from Government of Mozambique
Aug 2018 Purchase of Battery Anode Material (BAM) site in Louisiana USA, finalised
Apr 2018 Balama inauguration with official opening by President Filipe Nyusi
Jan 2018 Balama transitioned to operations, sales commenced
Nov 2017 First natural flake graphite production achieved
Sep 2017 Sales agreement signed with world’s largest battery anode manufacturer and represents first significant import of natural graphite into China
Nov 2016 Balama Ore Reserve upgrade to 114.5Mt at 16.6% Total Graphitic Carbon (TGC) for 18.6Mt of contained graphite (ASX Announcement)
Jul 2016 Construction of Balama process plant commenced
Jun 2015 All key regulatory approvals for Balama Project received
May 2015 Balama Graphite Feasibility Study completed
May 2015 Balama maiden JORC compliant Ore Reserve declared
Mar 2015 SYR added to S&P/ASX 200 Index
Jan 2015 Anode producer successfully coated Balama spherical graphite
Nov 2014 Battery grade uncoated spherical graphite produced from Syrah’s pilot plant
Oct 2014 Jacana Minerals (Tanzanian exploration projects) demerger
Jul 2014 Vanadium scoping study finalised
Dec 2013 Government of Mozambique grants 25 year Mining Licence with further 25 year extension available for the Balama Project for graphite and vanadium
May 2013 Maiden Balama East Inferred Resource announced
Jan 2013 Maiden Balama West Inferred Resource announced and is the largest known graphite deposit in the world
Jun 2012 Early stage trenching program indicates vanadium grades
May 2012 Diamond drilling commenced at Balama Project
Dec 2011 Acquisition of Jacana Resources, an unlisted African explorer which included the Balama Graphite Project in Mozambique, the most advanced project showing extensive high quality graphite over 4km strike distance
10 Sep 2007 Commencement of Official quotation on the ASX under code SYR
23 Jul 2007 Syrah Resources formed to acquire a portfolio of potential tenements from Copper Strike Limited (Copper Strike)