EXPLORATION & DEVELOPMENT

Syrah boosts reserves

GRAPHITE sector heavyweight Syrah Resources has added to 40-year mine life of Balama project in Mozambique.

Michael Quinn
Syrah boosts reserves

Reserves have increased from 81 million tonnes to 114Mt.

The $US175 million project has been flagged to be in production in mid-2017, with output having been put an annualised 350,000t of graphite concentrate product.

However Syrah, which last month lost its managing director Tolga Kumova, is to provide an update later this week on considerations to undertake downstream processing, and in particular, the production of spherical graphite.

Meanwhile, a spokesman for the company was unable to comment on Syrah’s recruitment of a new MD.

As well as the increase in reserves, Syrah today said it had appointed Bureau Veritas the contract to supply on-site laboratory services at Balama.

Shares in Syrah were little moved in morning trade at $A3.30, with the stock recently trading at about half what it was mid-year.

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