The industrial minerals and technology company, Syrah Resources Limited (ASX: SYR) today (i.e., 2 January 2019) announced that its substantial holder AustralianSuper Pty Ltd has increased its voting rights in the company from 14.01% to 15.07%. Earlier, AustralianSuper Pty Ltd was having 41,663,943 votes and now it is having 51,791,561 votes.
Recently, Syrah Resources Limited achieved its first production of unpurified spherical graphite at its Battery Anode Material (BAM) facility in the US which is a major achievement for the Syrah and a tribute to the dedication of the company's team and its contracting partners on site. The company is also progressing with its plan for installing purification equipment at the Battery Anode Material (BAM) facility. Further, the company is also expecting that it will have purified spherical graphite in the first quarter of 2019. On 20 December 2018, the company announced a binding term sales agreement with Qingdao Langruite Graphite Co. Ltd which is going to establish Syrah Resources as a significant supplier of natural graphite into China.
On 7 December 2018, the company announced the resignation of Non-Executive Director Stefano Giorgini who has made a significant contribution to Syrah Resources in his time as a director, including his work as Chair of the Audit Committee. Until the appointment of new Non-Executive Director Sam Riggall has agreed to take on the role of Audit Committee Chair.
In November 2018, the company signed a binding term sales agreement with Qingdao Freyr Graphite Co., Ltd to supply 6000t of coarse (large) flake natural graphite from Balama over 12 months. The company also announced that it was able to produce 98 percent fixed carbon grade graphite across all sizes in the flake circuit using standard flotation processes and without chemical purification which is an outstanding commercial opportunity for the company.
In November 2018, the company announced the successful installation and commissioning of the Primary Classifier Unit at the Balama Graphite Operation which was completed as planned, providing confidence for future production performance. In the September quarter of 2018, Syrah Resources Limited produced 38.7kt of graphite and sold 20kt of graphite in Q3 2018 with product weighted realized price slightly ahead of Q2 2018.
At the end of September quarter, the company was having Cash on hand of US$100.3 million. The Company's net cash outflow in Q3 2018 was US$21.6M, and it is expected that in Q4 2018 the net cash outflow will be around US$23.6M.
Let us understand how the stock has performed today. On January 02, 2019, Syrah Resources Limited ended the session in green as the stock closed at A$1.535 per share which implies that it had witnessed the rise of A$0.030 per share or 1.993%. The market capitalization of Syrah stood at $517.12 million. In the last six months, the share price of Syrah Resources decreased by 47.01 percent as on 31 December 2018. The stock price of the company is trading towards the lower level.