Syrah Resources has signed a purchase agreement for an industrial site for its planned battery anode material (BAM) development in Louisiana, United States.
The company produces high-purity graphite from the Balama operation in Mozambique. It hopes to develop the commercial BAM plant in the US to supply the growing battery anode marketplace.
Under the agreement, the $US1.225 million ($1.61 million) purchase price is for a 25-acre site with an existing 50,000-square-foot industrial building.
Shaun Verner, Syrah managing director and chief executive, said the company continued to progress its initial entry into the BAM market with the purchase of the site.
“Consistent with our approach in Mozambique, Syrah is committed to environmental sustainability and community engagement through development and into operations,” Verner said.
“The company’s recently awarded ISO certifications for health, safety and environment management systems for its Balama operation demonstrates the company commitment to global best practice.”
Syrah has 90 days to complete due diligence on the site, which is customary in the US state.