Syrah Resources Ltd. signed a binding agreement with Shandong, China-based Qingdao Langruite Graphite Co. Ltd. to sell at least 48,000 tonnes of natural graphite from the Balama project in Mozambique in 2019.

Syrah has an option to sell an additional 12,000 tonnes, according to a Dec. 20 release. The company did not disclose the financial terms of the deal, saying all other terms were confidential. Company shares were down more than 6% by ASX trading close the day of the announcement.

The agreement includes the sale of fine and coarse flake products across a range of fixed carbon grades.

In mid-November, Syrah reached a binding, 12-month sales deal for 6,000 tonnes of large coarse flake natural graphite from Balama with Qingdao Freyr Graphite Co. Ltd.