Australia’s only integrated producer and refiner of natural graphite says it will avoid the meltdown roiling the nickel and lithium sector.
Melbourne-based Syrah has secured a $US100 million loan from the US government to expand production of graphite,a key ingredient in EV batteries.
Australian miners,including BHP and Rio Tinto,have benefited from the US car company securing enough critical battery minerals to produce 600,000 electric vehicles a year by 2023.
ASX-miner Syrah Resources in on the road to becoming biggest natural graphite producer outside of China.
Syrah’s deal to supply graphite to Elon Musk’s Tesla could be the first of many as car-makers race to secure vital battery raw materials.
The Melbourne-based mining company’s stock has soared over 30 per cent after it struck a four-year deal to provide the electric battery material graphite to Elon Musk’s Tesla.
Australian graphite company Syrah Resources has announced a $94 million capital raising