Syrah Resources Unit Receives Nearly $7 Million Loan Disbursement

MT Newswires Live

08/19

Syrah Resources (ASX:SYR) subsidiary Twigg Exploration and Mining secured a $6.5 million loan disbursement from the US International Development Finance for the Balama graphite operation in Mozambique, according to a Tuesday filing with the Australian bourse.

The company is planning for a $4.5 million disbursement to be completed in October, pending a restructure of the loan, the filing said.

New conditions, including a loan restructure in the September quarter, will be imposed on further disbursements from the $75 million loan commitment, according to the filing.

Syrah Resources shares rose nearly 2% in midday trade on Tuesday.

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