Mozambican mining company now holds 5.0% of Australian mining group subsidiary

23 July 2019

Mozambican mining company Empresa Moçambicana de Exploração Mineira (EMEM) now controls a 5.0% stake in Twigg Exploration and Mining Limitada, a subsidiary of Syrah Resources, the mining group said in a statement released on the Australian stock market.

The statement added that the delivery of this stake, at no cost to the Mozambican state-owned company, was the result of a mining agreement reached between the Syrah Resources group and the Mozambican government, according to a market announcement issued on 27 September 2018.

In December 2017 the group announced it had signed a contract to supply Chinese company Zhanjiang Juxin New Energy Materials with 20,000 tonnes of graphite to be extracted at the Balama concession, which followed another announcement in September of that year of a contract to supply 30,000 tonnes of graphite to Jixi BTR Graphite Industrial, a subsidiary of the Shenzhen-based Chinese group BTR New Energy Materials.

The Balama concession, in Cabo Delgado province, is about 200 kilometres west of the port city of Pemba, with proven and probable reserves of 81.4 million tonnes, with a graphite content of 13.2 million tonnes. (Macauhub)