The opening up of additional shipping capacity at Pemba port helped Syrah overcome container shortages at Nacala port, also helping lift production.
The increased production drove Syrah's revenues to $106.2 million in 2022, up from $29 million the year before. However, soaring costs, mainly from mining inflation and logistics, meant the increased sales only helped Syrah narrow its net loss to $26.8 million last year, from $56.9 million in 2021. Syrah said the Vidalia plant on schedule, with 99% of engineering works completed by the end of 2022.
The plant positions Syrah as an alternative supplier of
graphite anode material to the U.S and Europe, which currently
rely on supplies from China.
Syrah has a firm offtake deal with Tesla Inc for
the supply of 8,000 tonnes of graphite anode material from the
first phase of the Vidalia plant and an option for an additional
17,000 tonnes after the plant's planned upgrade to 45,000 tonnes
annual output.
Syrah also has agreements with a Ford Motor Co joint
venture with South Korea's SK On as well as LG Energy Solution
for future anode material supplies from the Louisiana plant.
(Reporting by Nelson Banya
Editing by Mark Potter)
