• Mozambique's Balama mine delivered 26,000 tonnes of graphite in Q3 2025, marking its first full quarterly output since restarting operations in June.
• Operator Syrah Resources sold 24,000 tonnes during the period, generating $15 million in revenue at an average price of $625 per tonne.
• Syrah confirmed it will continue running the mine in "campaign mode," conditioning production directly upon current market demand.

The Balama graphite mine registered output of 26,000 tonnes during the third quarter of 2025. This production represents the first complete quarterly output declared by Syrah Resources since the site restarted operations in June 2025. Balama had remained inactive for over a year preceding the restart.

Syrah initially halted production in July 2024 because of weak global price action. Operational disturbances on the site further prolonged this suspension into December of the same year. Syrah subsequently relaunched operations this year and decided to exploit the mine in "campaign mode." This configuration differs from continuous, full-capacity operation, and conditions production upon current market demand.

Syrah confirmed the strategic shift in the operational report. "Subject to market demand, Syrah plans to continue operating Balama in campaign mode," the document stated. The company added, "Syrah maintains the capacity to revert to higher capacity utilization if natural graphite demand increases." Consequently, Syrah has not issued any specific production forecasts since the operational restart.

The company reported total sales of 24,000 tonnes of graphite during the review period. Syrah realized an average price of $625 per tonne for this volume. Calculations by Ecofin Agency show this commercial result corresponds to $15 million in total revenue. Balama remains the largest graphite mine in Africa, retaining its 350,000 tonnes annual capacity at full regime.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum