ENERGY MINERALS

Better Syrah news from Balama

Syrah points to much improved production

Staff reporter

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The company said "significant improvement in graphite recoveries and consistently high product quality" has been achieved post resumption of production early in November following a fire in October.

As such it was "on track" to achieve full-year 2018 production target of 101,000-106,000t of graphite concentrate.

At full speed the operation should be producing about 350,000t per annum based on feasibility work.

The fire in October was the latest in a series of setbacks reported by Syrah, which started the year forecasting output of 160,000-180,000t of graphite concentrate.

Regular subsequent downgrades impacted the company's share price (ASX: SYR) accordingly with the stock losing more than 70% at one stage this year.

However, the better news reported today saw the stock up 11% to A$1.81 in late trade, capitalising Syrah at $622 million.

 

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