viewSyrah Resources Ltd

Syrah Resources achieves commercial graphite production at Balama

The company’s production for 2018 at the project was in line with updated guidance.

Balama project is in Cabo Delgado province of northern Mozambique

Syrah Resources Ltd (SYR) has declared commercial production at its Balama Graphite Operation in Mozambique following a review of operating metrics.

The review determined that the various criteria to achieve this status were met with effect from January 1, 2019.

Graphite recovery up to 70%

Syrah achieved an average graphite recovery of 70% in the December quarter of 2018 compared to its recovery of 53% in the previous quarter.

In the three months to December 31, 2018, the company produced 33,000 tonnes of natural graphite and 104,000 tonnes for the year, which was in line with the updated guidance.

Improved production consistency

Syrah’s managing director Shaun Verner said: “The declaration of commercial production represents a key milestone for Syrah, reflecting the significantly improved production consistency and strong recovery improvements.

“This milestone has been reached through coordinated effort across the entire Syrah team, particularly through the dedication of the Balama operations team.

“We continue to implement further operational improvements in ongoing ramp-up, to bring recoveries in line with our medium and longer term targets.”

Global customer base

In 2018, Balama transitioned to operations with sales and shipments to a global customer base, including battery anode producers.

Production is expected to supply traditional industrial graphite markets as well as emerging technology markets.

Quarterly report due January 30

All revenues and operating costs will be reported to the income statement with effect from January 1, 2019.

The company will provide further Q4 details in its quarterly activities report to be released on January 30.

- Jessica Cummins

Quick facts: Syrah Resources Ltd

Price: 0.31 AUD

Market: ASX
Market Cap: $128.6 m

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