Balama Graphite

Cabo Delgado Province, Mozambique · Graphite · Syrah Resources, via Twigg Exploration and Mining Limitada

intelligence-gradeproducing

Derived from the deployed data layer at build · dataset v2.28.20 · record reviewed 2026-05-02 · machine-readable: /api/v1/deposits/balama-graphite.json · ⎙ print / save as PDF

Investment screen

DFI · investment house — is this fundable, watchable, or a pass?

Life-cycle stageproducing Derived

Operating statusRecovered from FM — sub-nameplate operation Sourced

Reserve scale (Probable)109.7 Mt @ 16.3% TGC Sourced ≈ 18 Mt contained Derived

Reserve basis (verbatim)100% project basis (17.9 Mt contained graphite)

Risk-adjusted rate (§10)not published — asset-level screening not yet worked (base formula is public; see gaps below) Absent

Value anchors

advisory · corporate development — what does the record support?

Resource (M+I+I)1035 Mt @ 11.6% TGC Sourced

Resource basis (verbatim)100% project basis

Primary sourceSyrah Resources Reserves & Resources page (current as retrieved 2026-05-02); Q1 2026 update [Sourced 2026-05-02] Sourced

Comparables (Graphite-matched)none in the 25-set for this commodity · full screen Absent

Risk read

mining major · insurer — what is the exposure?

Province IC compositeMozambique Belt — 4.9/10 Derived

Ownership structureSyrah-controlled via Twigg; no verified change of control during force majeure period Sourced

Recent events (record, newest last — tail shown)… management proposal (potential conversion of part of Balama loan into Syrah equity + convertible loan note + new-money support); offtakes: Posco Future M binding Mar 2024, PT Indonesia New Energy Materials 10 kt Apr 2024 Sourced

What this record does not yet support — disclosed, not estimated

Risk-adjusted discount rate — deliberately not published. A province-level base is mechanically computable from the published formula (r = 8.0% + (10 − IC) × 0.8%), but Afrimintel does not publish an asset rate without asset-level tenure, settlement, and structure screening (the §10 worked-dossier process). Publishing the base alone would misstate asset risk. Each worked decomposition converts this Absent to a Derived range.
Transparency flag on record: force majeure recovery