Syrah Resources boosts reserves in Balama graphite project in Mozambique

graphite-1Syrah Resources

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

Reserves have increased from 81-million tons to 114Mt.

The US$175-million project has been flagged to be in production in mid-2017, with output having been put an annualized 350,000t of graphite concentrate product.

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

Meanwhile, a spokesperson for the company was unable to comment on Syrah’s recruitment of a new managing director.

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

On Wednesday 16 November, 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.

Source: Mining News
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