Syrah Resources shares shot up 22 per cent after the miner signed an offtake agreement with Tesla to supply a key mineral needed to manufacture electric vehicles and batteries.
The four-year, fixed price agreement will supply Tesla with the majority of the natural graphite active anode material (AAM) processed from the yet-to-be-built facility in the town of Vidalia, and paves the way for Syrah to make a final investment decision on its proposed processing facility in the US state of Louisiana.
