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    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

    Atiku heads to Europe on ‘business trip’

    Why CBN should not extend naira swap deadline – Atiku

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    Obanikoro tells court how he gave Fayose N1.2bn from Lagos Security Account

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    They want to starve us of funds – IPOB DOS cries out

    ‘Elements’ in Aso Villa want APC to lose election –  El-Rufai

    ‘Elements’ in Aso Villa want APC to lose election – El-Rufai

    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.49%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

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    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

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    2022 financial year: UAC of Nigeria posts N2.69 billion loss

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    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

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    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

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Tesla turns to Mozambique for graphite, a key battery component for its EV

Sunday, 16 January 2022, 7:38 pm
in Business, Companies
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Tesla turns to Mozambique for graphite, a key battery component for its EV
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Electric Vehicle manufacturer, Tesla Inc. (TSLA) has signed a deal to wane its dependence on China for graphite, turning to Mozambique instead. Graphite is a key component in Tesla’s electric car batteries.

Yahoo Finance reports that Tesla has signed an agreement in December 2021 with Australia’s Syrah Resources.

Syrah Resources operates one of the world’s largest graphite mines in Mozambique. Its owns and operates Balama Graphite Operation in Mozambique. It also operates a downstream Active Anode Material facility in the United States.

The Tesla – Syrah Resources will be a unique partnership between an electric vehicle manufacturer and a producer of the mineral that is critical for lithium-ion batteries. The value of the deal hasn’t been released.

  • Read also; Bua Foods Plc to engage Capital Market Stakeholders

Elon Musk’s company will buy the material from the company’s processing plant in Louisiana, which sources graphite from its mine in Balama.

Austin Texas based Tesla plans to buy up 80% of Syrah Resources’ plant produce – 8,000 tons of graphite per year – starting 2025, according to the agreement.

The deal is part of Tesla’s plan to ramp up its capacity to make its own batteries so it can reduce its dependence on China, which dominates global graphite markets, said Simon Moores of United Kingdom-based battery materials data and intelligence provider, Benchmark Mineral Intelligence.

The battery industry has been confronted with a short supply of graphite in recent months. Graphite stores lithium inside a battery until it’s needed to generate electricity by splitting into charged ions and electrons.

Tesla is making almost a million electric cars per year, and sourcing enough batteries is its biggest constraint.

Tesla is building a ew battery factory that the company is building in its new hometown of Austin, Texas, which will allow it to get closer to self-sufficiency.

The Syrah deals brings the graphite processed in Louisiana much closer to Tesla’s U.S factories.

For China, the deal is unlikely to rankle its government because China has plenty of markets for its graphite, including increased domestic electric vehicle production.

China, though, is Tesla’s biggest global market. It has a giant factory near Shanghai and sells about 450,000 vehicles per year there, compared with about 350,000 in the U.S.

For the Australian mining firm, the deal is “crucial” because it has a non-Chinese purchaser for its graphite product. Syrah’s graphite mine in Mozambique’s northernmost province, Cabo Delgado, is one of the world’s largest, with an ability to produce 350,000 tons of flake graphite a year.

Cabo Delgado has faced violence in recent years by Islamic extremists, an insurgency that has recently extended inland from coastal areas toward the neighboring Niassa province.

 

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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