Commodities
Syrah Declares Force Majeure for Its Graphite Mine in Mozambique
- Shares plunge after company defaults on US-backed loans
- Access to mine and plant hampered but security on site
A barricade obstructs access to the road for vehicles during a demonstration against the government in Maputo on Dec. 7.
Photographer: Amilton Neves/AFP/Getty Images
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Shares in Syrah Resources Ltd. plunged after the Australian miner declared force majeure for its Balama graphite mine in Mozambique due to ongoing civil unrest, causing it to default on US government-backed loans.
The stock fell as much as 32% before closing down 28% at 19 Australian cents (12 cents). In November 2022 they traded at around A$2.62 apiece.