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Resources declares force majeure at Balama graphite mine","syrah-resources-declares-force-majeure-at-balama","article/syrah-resources-declares-force-majeure-at-balama",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":686,"featured":51,"reporter":687,"_editable":691,"component":692,"seo_title":553,"categories":693,"visibility":700,"author_company":49,"featured_image":701,"seo_description":686,"author_full_name":49,"author_job_title":49,"formattedDate":706,"formattedArticleDate":707},"9494fee2-6449-4651-ad0b-6e8a21d70d73","2024-12-12 00:00",[560,563,566],{"slug":561,"name":562},"africa","Africa",{"slug":564,"name":565},"mozambique","Mozambique",{"slug":567,"name":568},"syrah-resources","Syrah Resources",[570],{"slug":571,"name":572,"content":573},"didi-bostock","Didi Bostock",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Editor - Energy Transition & Economics",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":580,"content":581},"doc",[582,599,604,611,616,621,626,631,636,641,646,651,656,661,666,671,676,681],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586,589,597],{"text":587,"type":588},"Syrah Resources has declared force majeure at its Balama graphite mine due to civil unrest in Mozambique, marking a further setback to already ","text",{"text":590,"type":588,"marks":591},"struggling East African miners",[592],{"type":593,"attrs":594},"link",{"href":595,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://source.benchmarkminerals.com/article/falling-natural-graphite-prices-pressure-east-african-operations?_branch_match_id=1544411254110800284&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpuiCCWrbxBqE16aCO8kdo19l7L43RdbY2kFypeuTKQvBFje%2FdFJZsj8ndknmLLqwf6CGAJZ4B7VXCsie0Sj%2BcIgyySAAAAA%3D%3D","url",{"text":598,"type":588},".",{"type":583,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":588},"“The news comes at an inconvenient time for Syrah who suspended production of new material at Balama last quarter due to low demand prices, especially for small mesh graphite,” said Alex Albinski, an analyst at Benchmark.",{"type":605,"attrs":606,"content":608},"heading",{"level":607,"textAlign":49},4,[609],{"text":610,"type":588},"Why has Syrah declared a force majeure event?",{"type":583,"attrs":612,"content":613},{"textAlign":49},[614],{"text":615,"type":588},"Civil unrest, which began as farmland resettlement protests at the Balama mine and was exacerbated by a contested general election in October, has caused disruption throughout Mozambique.",{"type":583,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":588},"“The movement of people and supplies, site access and plant operations have continued to be interrupted,” said Syrah in a statement.",{"type":583,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":588},"The disruption is inhibiting government authorities from addressing the protests at Syrah’s Balama site.",{"type":605,"attrs":627,"content":628},{"level":607,"textAlign":49},[629],{"text":630,"type":588},"What impact could the disruption have on the market?",{"type":583,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":588},"It is unlikely the news will have much impact on prices.",{"type":583,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":588},"“Syrah usually sells quite a lot of large flake, but given they have not been selling much recently due to a lack of inventories, it is unlikely this disruption will be sufficient to significantly support large mesh prices over an extended period of time,” said Albinski.",{"type":583,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":588},"However, the market for large mesh is tighter and is thus more vulnerable to further disruptions.",{"type":583,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":588},"Oversupply, and competition from synthetic graphite, mean prices for small mesh graphite will not be affected.",{"type":605,"attrs":652,"content":653},{"level":607,"textAlign":49},[654],{"text":655,"type":588},"What impact has the disruption had on Syrah?",{"type":583,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":588},"Syrah has been unable to operate the Balama mine due to the protests and is defaulting on its loans with the US International Development Finance Corporation and the US Department of Energy.",{"type":583,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":588},"“The logistical disruption will likely make it harder for them to make sales of the existing low inventory levels they currently have,” said Albinski.",{"type":583,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":588},"The company had been planning a production campaign this December to replenish inventories.",{"type":583,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":588},"The news has led Syrah’s stock value to fall 29.6% since it was announced on Thursday.",{"type":605,"attrs":677,"content":678},{"level":607,"textAlign":49},[679],{"text":680,"type":588},"How significant is Mozambique for natural graphite supply?",{"type":583,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":588},"China is the dominant source of natural graphite production, with the country expected to account for 86% of supply this year, however Mozambique is ramping up production.","Syrah Resources has declared force majeure at its Balama graphite mine due to civil unrest in Mozambique, marking a further setback to already struggling East African miners. “The news comes at an inconvenient time for Syrah who suspended production of new material at Balama last quarter due to low demand prices, especially for small mesh […]",[688],{"slug":571,"name":572,"content":689},{"job_title":574,"image":690,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9494fee2-6449-4651-ad0b-6e8a21d70d73\", \"id\": \"\"}-->","article",[694,697],{"slug":695,"name":696},"critical-minerals","Critical 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