Syrah Resources Entering leading geographic market for natural graphite
Entering leading geographic market for natural graphite:Syrah Resources stock price surged about 4.5% on September 08, 2017 at the back of the positive update from the group with regards to inking a binding sales agreement with Jixi BTR Graphite Industrial, a wholly owned subsidiary of Shenzhen BTR New Energy Materials (BTR, the manufacturer and leader of technology development of battery anode materials for lithium-ion batteries). The agreement is for 30,000 tonnes of graphite from the Balama operation in the first year of production with other terms being kept confidential. It has been further highlighted that SYR along with BTR will continue to develop other elements of the previously announced Memorandum of Understanding, including potential supply chain cooperation. This move will help SYR enter a leading geographic market for natural graphite and leverage on forecast growth in energy storage and electric vehicles’ sector. In its August update, the group also confirmed about key sales agreement with Hiller Carbon, Marubeni and MINERALS GmbH, with regards to providing the baseload of industrial market flake sales from Balama to North America, Asia and Europe. Recently, the negotiation of a Mining Agreement by Syrah’s wholly owned subsidiary, Twigg Exploration and Mining, which is the holder of the Balama Project, was finalised with the Ministry of Mineral Resources and Energy of the Republic of Mozambique; and this agreement has been approved by the Government of the Republic of Mozambique. Although few concerns have been earlier raised with regards to their cash flow updates, the present scenario with various agreements in place is expected to pave path for an improved performance.
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