Australia’s Syrah Sources stated on Tuesday it has secured a waiver for default occasions beneath its United States Worldwide Improvement Finance Company (DFC) mortgage of $150-million, granting it reduction following operational disruptions at its Balama graphite operation in Mozambique because of ongoing nationwide protests.
The corporate suspended operations at its flagship graphite mine in December, following disruptions attributable to farmer-led protests since September 2024. Regardless of the suspension, Syrah has not defaulted on any mortgage cost obligations.
The Melbourne-based miner acquired a $53-million tranche in November 2024, which is now accessible for Balama’s working capital.
Whereas the remaining stability is dedicated, “additional DFC mortgage disbursements aren’t accessible whereas Balama operations are blocked by the protest actions,” Syrah stated in a press release.
“Working situations in Mozambique are difficult with ongoing nationwide protests related to normal elections inflicting widespread disruptions all through the nation,” it added.
Syrah stated it’s actively collaborating with the DFC and the US Division of Power concerning these default occasions because the nationwide protests proceed to disrupt operations throughout Mozambique.
Shares of the miner have been up 2.3% to A$0.22 in early commerce.