Syrah Resources Ltd Positioned to target high growth markets
Positioned to target high growth markets: Syrah Resources Ltd (ASX: SYR) stock lost over 3.7% on March 15, 2017 leading to a total fall of over 28% in the last four weeks owing to some volatility and softness in market sentiments. Recently, UBS group and Macquarie Group ceased to be major holders in the group which could have added to the stock pressure, while JCP Investment Partners became a substantial holder. On the other hand, the group is well positioned to leverage enhanced value of high quality Graphite and is targeting to be a consistent supplier to the high growth technology markets. Accordingly, SYR is aggressively developing the world class Balama Project at Mozambique which has been said to be on track for commissioning in the second quarter of 2017. Syrah has forecasted the first production in the third quarter of 2017. The construction of the Balama process plant is 52.4% complete as at 31 December 2016. However, the Project capital costs increased to US$200 million wherein the group is funding this from their current cash reserves.
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