US Agency to Own 20% of Graphite Miner Syrah in Critical Minerals Push
“In today’s era of global competition, economic security is national security,” DFC’s CEO Ben Black said in a separate statement.
Photographer: Lauren Justice/BloombergUS International Development Finance Corp. is swapping a loan made to graphite producer Syrah Resources Ltd. for equity, as Washington seeks to shore up access to critical metals and reduce dependence on China.
DFC will convert a $31 million existing loan to shares in Syrah in two tranches that will give it a stake of about 20% in the company that operates one of the world’s biggest graphite mines in northern Mozambique, according to a statement. The agency will also disburse an additional $15 million to the subsidiary operating the project.