Syrah Resources Secures Loan Waiver Amid Protests

Syrah Resources has secured a waiver for default events under its $150 million loan from the US International Development Finance Corporation (DFC) due to ongoing operational disruptions at its Balama graphite operation in Mozambique, which has been affected by nationwide protests. The company declared force majeure on graphite production in December 2024 but has not defaulted on any loan payments. While Syrah received an initial $53 million tranche in November 2024 to support working capital, further disbursements are blocked until operations resume. The protests, sparked by disputed election results, pose significant risks to Syrah's operations and financial strategy. Syrah is also in discussions with the US Department of Energy regarding its $102 million loan facility, as it remains committed to supporting non-China graphite supply chains. The situation highlights the challenges faced by companies operating in politically unstable regions.