Syrah Resources to ramp up Balama Graphite operation

Company News

by Rachael Jones

Syrah Resources (ASX:SYR) is continuing to ramp up its Balama Graphite Operation in Mozambique with disappointing forecast prices.

Expected first quarter 2019 weighted average graphite price achieved is US$460 - US$470 per tonne (CIF) that's versus the guidance range of US$500 - US$600 per tonne.

Despite lower than forecast prices, the cash position as at the end of the quarter is expected to be US$55 million - US$57 million with a guidance of US$57 million.

The company's annual report will be released at the end this month.

Shares in Syrah Resources (ASX:SYR) trading 3.77 per cent higher to $1.10. 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.