Mozambique: Gas exports in H1 up 33% YoY to US$901 million
Better Syrah news from Balama – Mozambique
10:14 CAT | 03 Dec 2018
Image: Mining Journal
Syrah Resources may have turned a bit of a corner given a production update that instead of being another downgrade reported good news from the Balama graphite project in Mozambique.
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.
Source: Mining Journal
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