Oil

Australia's Syrah Resources inks offtake deal with S. Korea's Posco Future M

Adds details from paragraph 2 onwards

March 1 (Reuters) - Australia's Syrah Resources SYR.AX said on Friday it will supply natural graphite product from its Balama graphite operations in Mozambique to South Korean chemical and battery material maker Posco Future M 003670.KS.

Under the six-year deal, Syrah will supply up to 2 kilotonnes (kt) of natural graphite per month in the year following commissioning. This can be increased to 5kt per month, with at least six months' notice, from the second year of the deal to the end of term.

The price for the natural graphite supply will be mutually negotiated on a quarterly basis over the term of the agreement, Syrah said.

The deal is part of the graphite producer's strategy to transition Balama natural graphite sales to a more "geographically diversified and commercially aligned customer base", it said.

(Reporting by Neha Soni in Bengaluru; Editing by Shailesh Kuber and Shilpi Majumdar)

((Neha.Soni@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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