africa commodities Economy FDI Finance Government Mining Mozambique Natural Resources

Mozambique graphite: Syrah subsidiary authorised to mine deposits in the country

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The Mozambican government has approved terms of the mining contract with Twigg Corporation & Mining Limitada, a subsidiary of Australia’s Syrah Resources group, to exploit graphite deposits in the Balama district of Cabo Delgado province, Council of Ministers spokesperson Ana Comoana said on Tuesday in Maputo.

Comoana, who is also vice minister of culture and tourism, specified that the resolution approved in Council of Ministers delegates the contract’s signing to the Ministry of Mineral Resources.

The 25-year contract with Twigg Exploration & Mining Limitada to be signed by the respective minister, Letícia Klemens, requires a minimum investment of US$87.99 million.

The resolution approved by the government also grants the concession company the right to extract, process, store and market products from mining in that area, Comoana added.

Besides Balama, Cabo Delgado province has large graphite deposits in the Ancuabe district, where several foreign companies are already exploiting those mineral resources.

Source: Macauhub

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