Shares in non-Chinese graphite producers soared on Monday on expectations of stockpiling and a rush to secure alternative supplies after Beijing announced export restrictions on the material critical to electric car batteries.
Australia’s Syrah Resources, a Tesla supplier that operates the Balama graphite mine in Mozambique, jumped 40 per cent, adding to Friday’s 16 per cent gain. Other project developers followed, with London-listed Tirupati Graphite soaring 20 per cent and Renascor Resources up 36 per cent.
Shares in Brisbane-based Novonix, which is backed by US energy group Phillips 66 and has operations to produce synthetic graphite in the US and Canada, gained 22 per cent.
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