Syrah to get greenbacks from US for Vidalia

SYRAH Resources is set to receive US$107 million from the US Department of Energy for its Vidalia active anode material venture in Louisiana.
Syrah to get greenbacks from US for Vidalia Syrah to get greenbacks from US for Vidalia Syrah to get greenbacks from US for Vidalia Syrah to get greenbacks from US for Vidalia Syrah to get greenbacks from US for Vidalia

Syrah and the DOE are targeting financial close by the end of June.

The loan is being made as part of the USA's Advanced Technology Vehicles Manufacturing initiative targeted to support the manufacture of eligible advanced technology vehicles including electric vehicles and qualifying components, materials and critical minerals - such as graphite.

Vidalia is set to produce 11,250t of advanced anode material, with feed for the processing coming from Syrah's Balama graphite mining operation in Mozambique.

The cost of the development has been put at $272 million.

Syrah raised A$192 million earlier this year, equating to US$136 million.

It started 2022 with $53 million.

Shares in Syrah were up 18.5% to A$1.86 in morning trade, capitalising the company at $1.24 billion.