Syrah Resources secures major off-take agreement with Posco Future M Co.


  • Syrah Resources (ASX: SYR) finalises an off-take agreement with Posco Future M Co. for natural graphite fines from Balama Graphite Operations in Mozambique
  • Move is aims at diversifying Balama’s natural graphite sales globally and reinforcing Syrah’s position outside of China in the natural graphite and AAM supply market
  • The six year agreement initiates a monthly volume of up to 2kt (kiloton) in the first year, increasing to volumes of 2kt to 5kt per month from the second year onward, with delivery scheduled for South Korea
  • SYR closed on Thursday at 61 cents

Syrah Resources (ASX:SYR) has finalised an off-take agreement with Posco Future M Co. for natural graphite fines from Balama Graphite Operations in Mozambique.

This move is aimed at diversifying Balama’s natural graphite sales globally and reinforcing Syrah’s position outside of China in the natural graphite and AAM supply market.

The six year agreement with Posco Future M initiates with a monthly volume of up to 2kt (kiloton) in the first year, increasing to volumes of 2kt to 5kt per month from the second year onward, with delivery scheduled for South Korea.

Posco Future M is a major player in the battery materials sector, focusing on cathode active materials and AAM production.

The company anticipates substantial growth in natural graphite AAM production, reaching 154kt and 182kt in 2026 and 2030, still heavily driven by purified spherical graphite from China.

Global supply

Syrah’s natural graphite sales strategy extends to ongoing negotiations for commercial supply arrangements with anode processing and downstream companies outside China.

The goal is to diversify Balama’s natural graphite sales to AAM and battery markets, targeting a minimum sales volume of 100ktpa (kilotons per annum) fines to non-China AAM customers starting in 2026.

China’s late 2023 graphite export ban sent a number of ASX stocks soaring.

Syrah is actively engaged with seven ex-China natural graphite anode projects all at various stages of progress globally.

North American battery manufacturers and auto OEMs prioritise sourcing AAM free of critical minerals from Foreign Entities of Concern.

SYR last traded at 61 cents, at 9am AEDT.


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