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Mozambique has announced a new discovery of huge deposit of graphite, Mozambican Television reported on Sunday.
The Australian company Syrah Resources has revised its estimates of graphite deposits in the Balama mining project in Mozambique to 579 million tons of ore at 10.6 percent graphite and 0.26 percent vanadium.
The company also says that within the area, a high grade Mepiche zone was estimated to hold inferred resources of 145 million tonnes at 15 percent graphite.
The Balama project is the largest known graphite deposit in the world.
Vanadium deposit here is around six times the size of the world’s largest operating vanadium deposit, the company said.
The northern Mozambique province is also rich in gas and marble.
The Texas based Anadarko and the Italian ENI are involved in the gas exploration in the Ruvuma basin in Cabo Delgado.