Syrah offers one of the few non-Chinese options for those seeking graphite material through its mine in Mozambique.

The graphite producer also said it was targeting readiness for a final investment decision on the expansion of the vertically integrated Vidalia facility's production capacity.

Agreement will provide Graphex with a diverse supply of raw materials in line with its plans to bring domestic processing facilities online to supply automakers and battery gigafactories.

Earlier this month, C-ONE, a private anode materials company based in China, announced that it plans to invest $12.7 million into SRG.

The company plans to start producing 50,000 metric tons of graphite next year in Mozambique.

According to the Energy Transitions Commission, it will require production of up to 6.5 billion tonnes of materials cumulatively between 2022 and 2050.