Australia´s mineral mining firm, Syrah Resources says it has raised US$431 million for its Balama graphite project in the northern Mozambican province of Cabo Delgado , sources said Saturday.Syrah Resources officials said the capital was raised through issuing 13.7 million shares to institutional investors. Syrajh Resources said in a statement on its website that the funds will finance the completion of the feasibility study for the Balama project, scheduled for the first quarter of next year. In addition, the funds will be used to pre-order equipment for the mine that has a long lead time. There is a world-class deposit of graphite at Balama, along with vanadium. Graphite is a form of carbon that is highly valued due to its properties as a conductor of electricity. It is used in batteries and fuel cells, and is the basis for the Â€śmiracle materialÂ€ graphene, which is the strongest material ever measured, with vast potential for use in the electronics industries.
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