Australian company Syrah Resources has discovered multiple areas with high and very high quality graphite following prospecting activities in Balama in Mozambique’s northern province of Cabo Delgado, the company said in a statement issued Tuesday.
The Balama concession, which covers an area of 106 square kilometres, also contains vanadium deposits, in an area some 265 kilometres west of the provincial capital, Pemba.
Prospecting activities included drilling 23 boreholes and digging 11 trenches and Syrah Resources also announced that most of the graphite and vanadium deposits have never been touched.
The price of graphite recently rose on the international market to around US$3,000 per ton, and Syrah Resources plans to also mine vanadium, an element used to produce high quality steel. (macauhub)