Syrah signs BAM site purchase agreement
Syrah has signed a purchase agreement for an industrial site for its Battery Anode Material (BAM) development in Vidalia, Louisiana.
The development is the next step following the letter of intent previously announced on the (refer to quarterly update.
Under the terms of the agreement, the purchase price of US$1.225 million is for a 25 acre site with an existing 50,000 square foot industrial building.
As is customary in Louisiana, the Company has a period of up to 90 days to complete its due diligence process, to ensure that the usual matters such as title searches and site surveys, and site specific requirements are satisfactory.
The due diligence process and utility pricing negotiations are well progressed. Syrah has the option to bring forward the completion of the purchase agreement once it is satisfied with the due diligence outcome. Syrah expects to complete the purchase in advance of the due diligence timeframe.
“With the purchase agreement for the Vidalia site, we continue to progress our initial entry into the BAM market. Consistent with our approach in Mozambique, Syrah is committed to environmental sustainability and community engagement through development and into operations.
The Company’s recently awarded ISO Certifications for Health, Safety and Environmental management systems for its Balama Operation demonstrates the Company’s commitment to global best practice,” said Shaun Verner, Syrah Managing Director and Chief Executive Officer.