The brief

Analyst view

• Balama graphite mine in Mozambique targeting 200–240 kt/yr; Vidalia in Louisiana processes anode material.
• Vidalia (11.25 kt/yr) is the only vertically integrated graphite anode supplier outside China.
• Commercial sales began Q4 2025; $165M IRA tax credit secured in January 2025 for 45 kt/yr expansion.

Technical approach

As reported

Natural graphite source

Balama mine in Mozambique

Syrah operates Balama, a globally significant natural graphite deposit with superior properties versus synthetic graphite.

AAM processing

Spheronization and purification

Graphite is milled into precise particles and purified. This 'active anode material' (AAM) is sold to battery makers.

Vertical integration

Mine-to-anode supply chain

Owning both the graphite source and processing plant allows Syrah to control quality, cost and supply security—advantages over trading raw graphite alone.