News – AU – Syrah resumes Balama operations – Australian Mining

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Syrah Resources will resume production at Balama graphite plant in Mozambique as local COVID-19 restrictions gradually ease

The project, which contains one of the world’s largest natural graphite deposits, was discontinued in March 2020 when the virus ceased activities across the East African nation

The shutdown came just two weeks after Syrah reported a positive outlook on compliance with its production guidelines

The specific restrictions alleged to have affected the production of the Balama project related to travel restrictions and a lack of demand from users in the lower end of the market

Syrah expects a 2-3 month delay from reopening production due to the restructuring of the workforce in Balama in July 2020

Syrah stated that it is well positioned to continue following the reorganization of its workforce thanks to the reorganization in Balama

In 2019, Balama sold 163000 tons of natural graphite in the world market, while a 2014 publication detailed the potential value of vanadium on Balama

Vanadium is a metal primarily used in steel alloys in tools, vehicles, and even nuclear reactors.It can be sold for between $ 125 ($ 1584) and $ 50 per kilogram

The price of Syrah stock is up over 11 percent to $ 128 on the ASX at the time of writing

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Syrah Resources Mine Balama, Graphite, ASX: SYR, ASX, Syrah Resources, Production, Mozambique

News – AU – Syrah resumes Balama operations – Australian Mining

Source: https://www.australianmining.com.au/news/syrah-to-resume-balama-operation/