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(Ecofin Agency) – Mozambique hosts Africa’s biggest graphite mine. Since 2021, the mine’s output has gone to the U.S. to make batteries. Syrah Resources runs the mine.
On January 13, 2025, Syrah Resources revealed it secured a $165 million tax credit from U.S. tax authorities to bolster its operations, including a facility in Louisiana that processes graphite concentrate.
Syrah has been awarded a ~US$165M tax credit under the US Inflation Reduction Act’s Section 48C program to support the potential further expansion of our Vidalia AAM facility in Louisiana to 45ktpa AAM capacity.
Read the full $SYR release: https://t.co/zb9FlptURM pic.twitter.com/n230r8JLrm
— Syrah Resources (@SyrahResources) January 12, 2025
This tax credit is part of the U.S. Inflation Reduction Act, aimed at securing vital mineral supplies. Syrah Resources claims its Vidalia plant is the only facility outside China that produces active anode material (AAM), a key element for electric batteries.
The plant was established in 2021 with an initial production capacity of 11,250 tons per year. This capacity could expand to 45,000 tons thanks to this tax credit, provided Syrah meets specific criteria.
Before this funding, Syrah had received a $150 million loan in 2024 from the U.S. International Development Finance Corporation for its Balama mine operations, while local graphite processing in Mozambique remains a significant issue.
Emiliano Tossou
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