Syrah Resources Limited (ASX: SYR) Updates the market on Share Purchase Plan

  • Oct 02, 2018 AEST
  • Team Kalkine
Syrah Resources Limited (ASX: SYR) Updates the market on Share Purchase Plan

Syrah Resources Ltd.’s (ASX: SYR) stock was put in a trading halt under the company’s request until October 04, 2018. The Share Purchase Plan that was scheduled to close today (as on October 02, 2018), has been now extended till October 09, 2018. The company has asked the investors to wait for the company’s announcement regarding the extension of the date of Share Purchase Plan. All the dates with regards to issue of new shares, then commencement of trading of new shares along with dispatching holding statements for the new shares in SPP Offer Booklet as scheduled have been extended by about one week.

In the meantime, the company is facing a major problem in Mozambique, with the processing equipment getting impacted by the fire at the Balama graphite mine. The company therefore must have placed themselves in a trading halt to give the company time to find out how much damage is caused from the fire. The company continues to struggle to get its new processing equipment working efficiently at Balama. The group expected to have September month’s production to be around 15 kt of natural flake graphite while it had earlier estimated about 18 kt of production at the beginning of the month. Production was therefore impacted owing to later than expected sourcing and fitting of filter cloths, which form a part of routine consumable. 

On the other hand, Syrah executed a Mining Agreement for the Balama Operation as sanctioned by the Administrative Court in Mozambique while this covers mining of graphite and vanadium and is also valid till year 2038. Meanwhile, the stock has fallen 17.96% in three months as on October 02, 2018.

SYR last traded at $ 2.330 at a market capitalisation of $ 791.24 million.

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