- Write by:
-
Monday, September 9, 2024 - 19:11:30
-
52 Visit
-
Print
Syrah Resources on Monday posted a wider half-year loss after its graphite production and sales plunged amid a glut in major market China.
The Australian miner’s half-year loss widened to A$67.1 million ($44.66 million) in the six months to June 30, from A$38.6 million in the same period a year earlier.
Its revenue fell 33% to A$19 million.
Graphite is a carbon-based material used in batteries and is a vital component in electric vehicles. China accounts for more than 70% of global supply of both natural, mined graphite and the synthetic variety, made from petroleum coke or coal tar, by-products of oil and coal processing.
China’s graphite production has expanded to about 1.2 million metric tons in 2023, from about 700,000 tons in 2020. The Asian country was also, until recently, a major market for graphite exporters like Syrah.
Syrah said it had not sold any graphite to China in the first half of the year amid “intense competition and oversupply issues in the Chinese domestic synthetic graphite active anode material (AAM) market”.
Read More: China lodges WTO complaint over Canada’s EV and metal tariffs
Production from its Balama operations in Mozambique declined 38% during the period to 34,900 tons. Sales also fell to 29,800 tons from 44,700 tons a year earlier.
The company said it shipped graphite to third-party customers, mainly Indonesia, reflecting “the development of a market for ex-China natural graphite AAM”.
Syrah also shipped 500 tons of graphite to its United States-based Vidalia AAM facility, which started production in February.
Short Link:
https://www.miningnews.ir/En/News/629012
An unexpected shutdown at one of China’s biggest lithium mines has left the industry scrambling to judge if the move ...
Iron ore futures prices surged on Thursday to hit their highest in more than a week, as prospects of improved seasonal ...
China accounts for more than half of the world’s pipeline of new coal mines, risking a significant increase in methane ...
The mining industry is currently one of the most significant contributors to planet-warming emissions — but it’s on ...
A Chinese state-owned company will finalize an agreement to take over the concession of a railway that links Zambia’s ...
China’s central bank held back on buying gold for its reserves for a fourth straight month in August, official data ...
China Minmetals Corp. will take control of a province-backed lithium company in a bid to speed development of a ...
Chinese lithium processors are ratcheting up hedging to offset wild swings in the battery metal, a sign that local ...
Iron ore slumped to its lowest level since 2022 and traded near $90 a ton as China’s main steel industry group advised ...
No comments have been posted yet ...