Syrah Concludes Offtake Agreement with Chalieco

Syrah Resources Ltd. (ASX:SYR) announced the successful conclusion of a binding offtake agreement with China Aluminium International Engineering Corp. Ltd. (Chalieco) for its Balama graphite and vanadium project in Mozambique.

As quoted in the press release:

Under the Binding Offtake Agreement, Chalieco will have the exclusive right to distribute Balama flake graphite in the People’s Republic of China and Hong Kong, excluding Macau and Taiwan (Territory) over a three year period. In addition, Chalieco (including its associates, related parties,etc.) has agreed not to distribute graphite outside of the Territory and will source product exclusively from Syrah.

Syrah Managing Director Tolga Kumova stated:

I would like to thank Chalieco for the tremendous support they have demonstrated for the Balama Project. We see them as a powerful partner with regards to their superb graphite market knowledge and distribution channels within China. We look forward to working aggressively with them to become the dominant supplier of the highest quality graphite in the world.

Click here for full Syrah Resources Ltd. (ASX:SYR) press release