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Australia’s Syrah Resources (SYR) surges on Tesla supply deal

By Mensholong Lepcha

06:24, 23 December 2021

Tesla car between charging stations
Tesla car between charging stations – Photo: Shutterstock

Australian graphite miner Syrah Resources surged to close at a near two-year high on Thursday after announcing a supply deal with electric vehicle bellwether Tesla.

Syrah Resources stock ended 23% higher at AUD1.63 on Thursday, its highest close since early February 2019.

The company said it signed an offtake agreement with Tesla to supply natural graphite active anode material (AAM) from its production facility in Vidalia, USA.

Deal to supply Tesla with AAM

Syrah Resources added that Tesla will offtake majority of the proposed initial expansion of the AAM production capacity at Vidalia at a fixed price for an initial term of four years.


37,443.70 Price
+0.950% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00


2,023.32 Price
+0.340% 1D Chg, %
Long position overnight fee -0.0194%
Short position overnight fee 0.0112%
Overnight fee time 22:00 (UTC)
Spread 0.30

Oil - Crude

75.84 Price
+0.840% 1D Chg, %
Long position overnight fee -0.0211%
Short position overnight fee -0.0008%
Overnight fee time 22:00 (UTC)
Spread 0.030


15,936.00 Price
-0.180% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8

Tesla also has an option to offtake additional volume from the company’s facility in Vidalia, subject to Syrah Resources expanding its capacity beyond 10 kilo tonnes per annum AAM, the company said.

Syrah Resources said it plans to make a final investment decision for the expansion of its Vidalia facility in January 2022.

Read more: Asia-Pacific markets track Wall Street gains to edge higher

Markets in this article

Tesla Inc (Extended Hours)
236.32 USD
-0.09 -0.040%

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