Syrah has graphite shipping issues

SYRAH Resources has had some shipping issues from Mozambique but claims strong demand for its Balama-produced graphite and expects to close the current quarter with US$74 million.
Syrah has graphite shipping issues Syrah has graphite shipping issues Syrah has graphite shipping issues Syrah has graphite shipping issues Syrah has graphite shipping issues

Strong demand for the product produced here according to Syrah, but shipping said-product from Mozambique to market has been an issue of late

The latter compares to $85 million at the end of the June quarter.

Syrah said natural graphite sales of about 17,000t in the current quarter was down 12,000t on what had been expected due to scheduling changes by a shipping services provider.

The shipping issue is expected to ease in the December quarter.

"Syrah is experiencing strong demand and forward contracting for Balama products, with the sales order book currently underpinning 45,000t of natural graphite sales in the December 2021 quarter, (and) with additional spot sales demand evident," the company said.

Syrah shares were trading at levels above A$1.25 this week, capitalising the company at $630 million.

The stock was at 47c 12 months ago.