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offtake agreement highlights appetite for ex-China flake graphite ","syrah-posco-offtake-agreement-highlights-appetite-for-ex-china-flake-graphite","article/syrah-posco-offtake-agreement-highlights-appetite-for-ex-china-flake-graphite",{"_uid":557,"date":558,"tags":559,"editor":572,"content":582,"excerpt":710,"featured":51,"reporter":711,"_editable":715,"component":716,"seo_title":553,"categories":717,"visibility":729,"author_company":49,"featured_image":730,"seo_description":710,"author_full_name":49,"author_job_title":49,"formattedDate":734,"formattedArticleDate":735},"06b6fd42-c9af-4151-93d3-05145766ed28","2024-03-07 00:00",[560,563,566,569],{"slug":561,"name":562},"africa","Africa",{"slug":564,"name":565},"china","China",{"slug":567,"name":568},"posco","Posco",{"slug":570,"name":571},"syrah-resources","Syrah Resources",[573],{"slug":574,"name":575,"content":576},"matthew-bird","Matthew Bird",{"job_title":577,"image":578,"bio":580,"linkedin":581},"Senior Editor - Supply Chains & Data Visualisation",{"filename":579},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":583,"content":584},"doc",[585,592,597,602,607,614,623,638,643,648,661,666,687,692,697],{"type":586,"attrs":587,"content":588},"paragraph",{"textAlign":49},[589],{"text":590,"type":591},"Growing natural graphite production from African countries is attracting interest from ex-China downstream players, which are looking for ways to diversify their supply sources. ","text",{"type":586,"attrs":593,"content":594},{"textAlign":49},[595],{"text":596,"type":591},"Last week, Australian integrated natural graphite producer Syrah Resources signed a long-term offtake agreement with anode maker Posco Future M. ",{"type":586,"attrs":598,"content":599},{"textAlign":49},[600],{"text":601,"type":591},"Graphite concentrate will be sourced from Syrah’s Balama mine in Mozambique, with the South Korean company taking up to 60,000 tonnes per year from the second year to the end of the six year term.",{"type":586,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":591},"“The agreement signifies the continued strategic shift downstream players located outside of China are taking towards reducing their reliance on the Chinese materials market,” said Tony Alderson, a graphite analyst at Benchmark. ",{"type":608,"attrs":609,"content":611},"heading",{"level":610,"textAlign":49},4,[612],{"text":613,"type":591},"Africa’s growing graphite production",{"type":586,"attrs":615,"content":616},{"textAlign":49},[617],{"type":618,"attrs":619},"image",{"id":49,"alt":620,"src":621,"title":49,"source":49,"copyright":49,"meta_data":622},"","https://a.storyblok.com/f/287943243085208/b9a5c7f6cb/bm-china-vs-africa-vs-row-chart.png",{},{"type":586,"attrs":624,"content":625},{"textAlign":49},[626,628,636],{"text":627,"type":591},"In 2024, 64% of global natural graphite production is forecast to come from China, whilst 22% is expected to come from African countries, according to Benchmark’s ",{"text":629,"type":591,"marks":630},"Natural Graphite Forecast",[631],{"type":632,"attrs":633},"link",{"href":634,"uuid":49,"anchor":49,"target":49,"linktype":635},"https://www.benchmarkminerals.com/forecasts/natural-graphite/reports/","url",{"text":637,"type":591},". By 2030, production from African countries is expected to grow to 37%, whilst China’s drops to 38%. The growth in African graphite is driven primarily by Madagascar, Mozambique, and Tanzania. ",{"type":586,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":591},"Africa is forecast to bring online significant flake graphite production in coming years, but there is little downstream spherical graphite capacity being developed in the region. Currently, NextSource’s planned anode facility in Mauritius stands as the sole vertical integration venture on the continent. ",{"type":586,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":591},"“This trend is attributed to manufacturers’ preferences to process materials closer to their downstream customers, as well as the attraction of incentives offered for production in European and North American regions,” according to Alderson. ",{"type":586,"attrs":649,"content":650},{"textAlign":49},[651,653,659],{"text":652,"type":591},"In 2023, 92% of global anode supply came from China, according to ",{"text":654,"type":591,"marks":655},"Benchmark’s Anode Forecast",[656],{"type":632,"attrs":657},{"href":658,"uuid":49,"anchor":49,"target":49,"linktype":635},"https://www.benchmarkminerals.com/forecasts/anode/reports/",{"text":660,"type":591},". By 2033, Benchmark forecasts China’s market share will fall to 78%, as total global output is set to reach almost 4 million tonnes.",{"type":608,"attrs":662,"content":663},{"level":610,"textAlign":49},[664],{"text":665,"type":591},"Geopolitical factors drive investments in ex-China supply",{"type":586,"attrs":667,"content":668},{"textAlign":49},[669,671,677,679,685],{"text":670,"type":591},"Battery manufacturers have been seeking to source materials and products from outside of China since the enactment of the US’ Inflation Reduction Act (IRA) in 2022. From 2025, companies must source battery products and materials from companies not ",{"text":672,"type":591,"marks":673},"associated with China or other ‘Foreign Entities of Concern",[674],{"type":632,"attrs":675},{"href":676,"uuid":49,"anchor":49,"target":49,"linktype":635},"https://source.benchmarkminerals.com/video/watch/usa-and-the-battery-to-ev-supply-chain-new-ira-feoc-rules-and-the-impact",{"text":678,"type":591},"’ to qualify for electric vehicle tax credits. The European Union’s",{"text":680,"type":591,"marks":681}," Critical Raw Material Act",[682],{"type":632,"attrs":683},{"href":684,"uuid":49,"anchor":49,"target":49,"linktype":635},"https://source.benchmarkminerals.com/article/how-achievable-are-the-eu-critical-raw-materials-targets",{"text":686,"type":591}," serves a similar purpose, seeking to reduce dependence on China for green technology.",{"type":586,"attrs":688,"content":689},{"textAlign":49},[690],{"text":691,"type":591},"“Since the IRA, there has been significant investment in ex-China graphite and anode projects, with the US anode capacity pipeline increasing by nearly 150% post-IRA announcement,” said Alderson. ",{"type":586,"attrs":693,"content":694},{"textAlign":49},[695],{"text":696,"type":591},"US anode capacity expansion is the result of more than $5 billion worth of investment announced since the enactment of the IRA, according to Benchmark data. The EU has undergone a similar capacity ramp up, rising from 191,000 tonnes per year in July 2022 to 486,000 tonnes per year in February 2024, a 154% increase.",{"type":586,"attrs":698,"content":699},{"textAlign":49},[700,702,708],{"text":701,"type":591},"Chinese graphite export regulations, which came into effect in December 2023, present an additional incentive for reducing dependence on Chinese-sourced graphite. The regulations require companies to apply for licences to export graphite products. China has ",{"text":703,"type":591,"marks":704},"approved Posco Future M’s licence",[705],{"type":632,"attrs":706},{"href":707,"uuid":49,"anchor":49,"target":49,"linktype":635},"https://www.benchmarkminerals.com/price-assessments/natural-graphite/china-approves-graphite-export-licenses-to-south-korea-benchmark-graphite/?categories=demand,mining,prices,processing-refining&search=south%20korea",{"text":709,"type":591}," to export graphite material to South Korea.","Growing natural graphite production from African countries is attracting interest from ex-China downstream players, which are looking for ways to diversify their supply sources. Last week, Australian integrated natural graphite producer Syrah Resources signed a long-term offtake agreement with anode maker Posco Future M. Graphite concentrate will be sourced from Syrah’s Balama mine in Mozambique, […]",[712],{"slug":574,"name":575,"content":713},{"job_title":577,"image":714,"bio":580,"linkedin":581},{"filename":579},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"06b6fd42-c9af-4151-93d3-05145766ed28\", \"id\": \"\"}-->","article",[718,720,723,726],{"slug":719,"name":265},"anode",{"slug":721,"name":722},"batteries","Batteries",{"slug":724,"name":725},"critical-minerals","Critical Minerals",{"slug":727,"name":728},"graphite","Graphite","private",{"id":49,"alt":620,"name":620,"focus":620,"title":620,"source":620,"filename":731,"copyright":620,"fieldtype":732,"meta_data":733,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cabe64b336/bm-gis-balama-mine-site.png","asset",{"alt":620,"title":620,"source":620,"copyright":620},"Mar 07, 2024","7th March 2024",[],[],1790082821646]