Syrah identifies another offtake partner for Balama
PERTH (miningweekly.com) – Graphite developer Syrah Resources has executed another statement of sales intent (SSI), this time with raw materials supplier Hiller Carbon.
Under the terms of the SSI, Hiller Carbon would be granted exclusive rights to sell natural graphite recarburiser in the US, Canada and Mexico. Hiller Carbon was likely to purchase between 25 000 t /y and 35 000 t/y of recarburiser from the Balama project, in Mozambique.
The SSI would be valid for a five-year period, with prices negotiated between Syrah and Hiller Carbon on a yearly basis.
“We are very excited to be working with Hiller Carbon to market Balama recarburiser in North America,” said Syrah MD Tolga Kumova.
“This agreement supports our belief that Balama natural graphite is an ideal product for the electric arc furnace (EAF) steel industry, which requires a high-quality carbon additive with low impurities.
“In addition, this agreement is also highly synergetic with our proposed spherical graphite facility in the US, which will produce recarburiser manufactured specifically to exacting standards of EAF steel customers.”
The transaction with Hiller Carbon comes after Syrah recently signed an SSI with one of the world’s largest refractory producers, which intended to purchase up to 15 000 t/y of natural graphite from Balama.
A 2015 feasibility study estimated that the Balama project would require capital investment of about $138-million to deliver a 380 000 t/y operation. During the first ten years of operation, the mine was expected to produce at an average rate of 365 000 t/y graphite concentrate and deliver a free cash flow of $160-million a year.
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