Syrah Resources Secures US$165 Million Tax Credit for Vidalia Expansion

Syrah Resources ( (AU:SYR) ) has shared an update.

Syrah Resources has been awarded a tax credit of approximately US$165 million under the US Inflation Reduction Act’s Section 48C tax credit program for the potential expansion of its Vidalia active anode material facility in Louisiana. This funding opportunity positions Syrah to potentially increase its production capacity to 45ktpa, aligning with US goals to expand critical materials processing and refining capacity. The move is crucial for Syrah’s operational expansion and aligns with economic and energy security objectives, while also impacting investment decisions and customer commitments.

More about Syrah Resources

Syrah Resources, listed on the Australian Securities Exchange, is a company that specializes in industrial minerals and technology. It operates the Balama Graphite Operation in Mozambique and a downstream Active Anode Material Facility in the United States. The company’s vision is to become a leading supplier of high-quality graphite and anode material products, enhancing value in battery and industrial markets.

YTD Price Performance: -17.86%

Average Trading Volume: 80,506

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $143.1M

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