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Maputo, Sep. 10, 2019 (Lusa) - One of northern Mozambique's main graphite mines in is to cut back output because of the devaluation of the Chinese currency and the impact of the trade war between China and the US, the mine operator said in a statement on Tuesday.
"Although it is a difficult decision, we believe this is in the best interest of shareholders to preserve long-term value," said Shaun Verner, executive director of Syrah Resources, the Australian company that operates the Balama mine in Cabo Delgado.
The firm will review business plans in Mozambique so that the operation remains sustainable, he added.
The mine produced and sold around 45,000 tonnes of graphite in the third quarter, but Syrah has said it is gpoing to reduce production to 15,000 tonnes a quarter, due to a drop in the price of graphite to China (its main customer) from $457 to $400 per tonne.
This fall in price is mainly due to the devaluation of the Chinese yuan, but also to tensions and tariffs in international trade, which continue to weigh on consumer sentiment, the statement said.
The demand for graphite is on the rise worldwide because it is used in batteries, at a time when the markets for cars powered by electricity and other electrical products, such as drones, are expanding.
China is the world's largest consumer and producer of natural graphite, as well as a relevant importer: in the first half of this year it imported 105,000 tonnes of graphite, 75% of which was supplied by Syrah, the company said.
Syrah produced more than 100,000 tonnes of natural graphite in 2018 and the Balama mine is the largest natural graphite mine outside China, aimed at supplying traditional industrial graphite markets and emerging technology markets.
LFO/IMYN // ADB.
Lusa


Agency : LUSA

Date : 2019-09-11 09:53:00







 

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