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SYR, SYRAH RESOURCES LIMITED
blacksheep
post Posted: Nov 15 2019, 12:03 PM
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SYR House broker, Credit Suisse, continue NOT doing retail shareholders any favours. Get a load of those borrow/returns rolleyes.gif https://www.asx.com.au/asxpdf/20191115/pdf/...m7zfttrn0gn.pdf

Wonder when Credit Suisse's Michael Slifirski will come out with another BUY target for SYR rolleyes.gif

Although I guess now that SYR is finally "fully funded" (we hope) CS probably don't need to play nice?

https://www.shortman.com.au/stock?q=syr
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 12 2019, 09:57 AM
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In Reply To: blacksheep's post @ Nov 4 2019, 02:00 PM

Graphite: Syrah produces first purified spherical graphite
QUOTE
Roskill View
Syrah Resources has so far supplied most of its flake graphite production from Balama to spherical graphite processors in China, however, it announced a scale back in production from 15kt to 5kt per month from Q4 2019 because of poor market performance and issues with project recoveries and flake size distribution in its concentrate. As with many other flake graphite projects (who, unlike Syrah Resources, have not yet made it to production), the company is now looking at downstream processing to increase its revenues.

Although a number of companies outside of China have managed to produce purified spherical graphite, including both established and potential flake producers, China remains the only country to produce spherical graphite on a large commercial scale. Manufacturing has focussed on China because of its lower production costs and fewer environmental restrictions than those in the rest of the world (ROW). China also dominates the entire lithium-ion battery manufacturing chain, from graphite and anode material production, through to component and final battery manufacture, and China provides the fastest growing market for lithium-ion batteries, mainly from its burgeoning EV sector.

Fewer environmental restrictions have allowed Chinese producers to develop inexpensive processing methods based on the use of strong acids that make it difficult for potential producers in the ROW to compete, even as Chinese production costs rise. Chinese environmental restrictions are tightening and environmental-associated production costs are increasing – for example, from the introduction of China’s environmental protection tax from April 2018 and from the installation of new equipment to meet rising pollution standards. Environmental inspections and plant closures have swept through the graphite industry (and many other industrial mineral industries) since the mid-2010s to make sure producers meet these targets. Spherical graphite processing has been a particular area of focus because of its historically high levels of wastewater and air pollution. Temporary plant closures and price rises have become a recent hallmark of the Chinese natural graphite industry, with more inspections expected to hit in late 2019/early 2020.

Even as Chinese production costs rise, barriers for entry are even higher for spherical graphite in the ROW, with many companies looking to develop alternative production methods that reduce or eliminate the use of acids. Such methods are proprietary but include thermal purification which is very energy intensive and expensive.

The jury is still out on the ability for Syrah and/or other ROW producers to supply spherical graphite on a commercial scale at a competitive cost to Chinese production, or if battery/anode manufacturers will be prepared to pay a premium to have a more sustainable, non-Chinese source of raw material.

https://roskill.com/news/graphite-syrah-pro...rical-graphite/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 5 2019, 09:58 AM
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In Reply To: blacksheep's post @ Nov 4 2019, 02:00 PM

As expected, the citizens group - Save Concordia Parish - are not that pleased with the news yesterday

QUOTE
Save Concordia Parish
18 hrs ·
Syrah has begun producing spherical graphite in Vidalia. With no permits. This group did everything in our power to prevent the city from accepting unregulated, industrial waste into our already suffering WWTP. The mayor denied the people a public hearing. The mayor denied the governing board of WWTP a vote on if the city should accept this waste. The mayor denied repeated requests for Syrah to process their own waste. You, the people, will suffer the consequences of this decision. It will be your responsibility to pay for damage done to WWTP or our aquifer. Rest assured, this group will not give up the fight to stop Syrah from contaminating our WWTP.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 4 2019, 02:00 PM
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A good start, but a long way to go before commercial sales - the product needs to be qualified. The qualification period for batteries is much more stringent than other applications - for obvious reasons.

No mention of what purity was achieved, or the yield. Historical industry data suggested 3 tonnes of flake graphite concentrate were required to produce 1 tonne of uncoated spherical graphite In recent times industry yields have improved in step with technology - 40 - 50%. The "waste" material can be sold, albeit at a much, much lower price than SPG SYR had in place a OTA with Hillier Carbon for some of this waste material - if I recall it was around 25ktpa

Assume the purification method SYR are using is still the HF chemical process. Most other western companies are avoiding this process

QUOTE
The micronized and rounded material is then purified from approximately 94%C to 99.95%C using hydrofluoric and sulphuric acid as impurities affect battery performance. On its own, wet chemical purification is a low cost process but large quantities of fresh water are required to rinse the graphite. Costs increase if neutralizing agents are added and proper environmental and health and safety practices are followed. This is one of the reasons almost all uSPG is produced in China. It will be very difficult and challenging to use HF in the west and companies planning on manufacturing SPG must have an alternative.


The waste water used in this process in Vidalia is to be delivered to the towns sewerage system - which according to the citizens of Vidalia .......

QUOTE
New letters from LDEQ to the Town of Vidalia are up on LDEQ's public records database. How can the city safely take Syrah's industrial waste when LDEQ audits show our WWTP in such poor shape? This group wants the city to require that Syrah obtain its own wastewater permit from LDEQ. They should be processing their own waste, not the city of Vidalia. In no way is it appropriate for a city to allow a first of its kind, unregulated industrial discharge to be allowed to use the city's wastewater permit.

https://www.facebook.com/saveconcordiaparish/

SYRAH FIRST PRODUCTION OF PURIFIED SPHERICAL GRAPHITE FROM BAM FACILITY
QUOTE
________________________________________________________________________________
____________
Syrah Resources Limited (ASX: SYR) (“Syrah” or “Company”) is pleased to announce the first production
of purified spherical graphite from its Battery Anode Material (“BAM”) plant in Vidalia, Louisiana, USA using
Syrah’s natural graphite from Balama. This represents the achievement of a significant milestone at
Syrah’s BAM project, and in the execution of the Company’s strategy of developing a vertically
integrated natural graphite anode material production capability.

Highlights
• Safe operations during construction and commissioning activities
• Construction activities for BAM plant milling, shaping and purification circuit complete
• First purified spherical graphite produced from Vidalia

Internal process optimisation, product testing and quality control assessment will continue in the coming
weeks in preparation for qualification products to be dispatched to target customers


SP currently up 9.47% @ 45c. Total short positions as at 29/10/19 = 17.49% - https://www.shortman.com.au/stock?q=SYR
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 26 2019, 02:18 PM
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Is SYR now fully funded, including BAM? If not it's getting a whole lot harder accessing debt financing. Also note comments re fund managers investing

QUOTE
“We’re turning down lots of stuff. Being green is a precondition for lending,” said Laurent Charbonnier, global head of metals and mining at HSBC, speaking ahead of LME Week when the world’s metal industry gathers in London.

Mine operators now face extensive checklists from lenders before they release funds and listed companies are being screened by fund managers before they buy their shares.

Assets in global “sustainable” funds have doubled over the past five years to $844 billion by end June, according to research firm Morningstar.

“For us, the scrutiny is all around us,” said Shishir Poddar, executive chairman of Tirupati Graphite plc, which plans to list in London.



read more - Metals sector in costly battle to turn green - https://www.mining.com/web/metals-sector-in...-to-turn-green/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 23 2019, 08:36 PM
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In Reply To: blacksheep's post @ Oct 23 2019, 02:57 PM

I wonder how SYR's logistics company, Grindrod are taking the news of the reduced production. They invested a heap of money to service the SYR contract. Surely there must have been a volume figure included in the contract? The contract was awarded in April 2017 at a time when SYR's planned production was Year 1: 140kt to 160kt, Year 2: 250kt to 300kt . Revised planned 2020 production of 120kt – 150kt subject to market conditions.

QUOTE
Twigg Exploration and Mining Limitada, a fully owned subsidiary of Syrah Resources Limited (inclusive of Syrah’s subsidiaries, Syrah Group), developed a major graphite project in northern Mozambique, near Balama and in 2017 the Syrah Group awarded the logistics contract to the Grindrod. The contract is to transport bagged graphite from Balama to Nacala for export, a distance of 500 km.

To service this contract, Grindrod invested in a fleet of long-haul trucks and developed a 60,000 m² facility, including a 10 000m² warehouse, a container yard with a capacity of 3 500 TEUs, and a transport yard near to the port; the facility was operational in June 2018. Besides the significant investment of US$24 000 000 in infrastructure and equipment, the operation currently employs 350 Mozambican people (including sub-contractors).

Key services offered by Grindrod include long-haul transport from the mine to the warehouse in Nacala, storage and containerisation of the product, short-haul transport of the laden containers into the port as well as customs clearing services. The graphite is then shipped all over the world.

http://www.grindrod.co.za/News/30156/Grind...ite-for-export-

Apart from SYR laying off staff at Balama Mozambique, Vale is also expected to lay off employees in Mozambique - they both get a mention here

QUOTE
Australian mining company Syrah Resources expected the vote to take place on 15 October to announce that it intends to reduce almost a third of the 650 workers it employs at its graphite mine in the Balama District of Cabo Delgado Province.

With just over 1 year of operation, was inaugurated by the President of the Republic, Filipe Nyusi, in April last year, Syrah Resources made public that it will carry out an operational review, reducing significantly the production already in the last quarter of 2019 and 2020, to save $ 22 million over a year in Balama.

"In light of the profound structural changes currently taking place in the graphite market, Syrah has taken clear and disciplined measures to temporarily reduce production volumes and allow market rebalancing," Syrah Managing Director Shaun Verner said in a press release. .

In addition to job cuts, the company will undergo corporate restructuring to save $ 1.5 million, mainly through "reducing the number of executive directors."

Another mining company that is also expected to lay off employees in Mozambique is Vale, which explores coal in Moatize, manages the Nacala Integrated Logistics Corridor and also operates a port in Nacala-à-Velha.


http://www.verdade.co.mz/nacional/69351-ce...dustria-mineira





--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

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blacksheep
post Posted: Oct 23 2019, 02:57 PM
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" mysterious Madagascan rivals"?? - there are 3 current producers in Madagascar (no mystery)- Tirupati Graphite Group, Établissements Gallois (the oldest and biggest producer has been operation for some time - 10 years or more I think) and ASX listed Bass Metals. Next Source Materials hopes to bring their Molo Project in Madagascar on line with a modular approach - phase 1 will produce 17ktpy in the first 2 years of production. Phase 2 will lift production in the 3rd year to 45ktpy. Capex for phase 1 US$21mil - phase 2 US$39.1 mil = estimated total US$60 mil (further details below). So there will be more competition once/if NSM plans come to fruition.

"unexpected emergence of Madagascar as a supplier of graphite to China"??? - a Roskill report quoted last 3 years volumes shipped from the country - "shipments from the island have increased rapidly in recent years, from 9.4 kt in 2017 to 46.9 kt in 2018, and now 32.5 kt in H1 2019"

"that surplus has forced down graphite prices and rendered Syrah loss-making."??? - say what? So nothing to do with SYR flooding the market

Syrah says mysterious Madagascan rivals cutting graphite exports
QUOTE
A surprise surge in graphite exports from Madagascar has started to recede according to Syrah Resources chief executive Shaun Verner, suggesting the price pain that forced Syrah to cut exports is also hurting the mysterious Madagascan players.

The unexpected emergence of Madagascar as a supplier of graphite to China was one of the factors that tipped graphite markets into over-supply in 2019, and that surplus has forced down graphite prices and rendered Syrah loss-making.

https://www.afr.com/companies/mining/syrah-...20191021-p532p4

QUOTE
NextSource Materials has already secured an off-take agreement with a major Japanese trader and is in the process of formalising an additional sales agreement with a leading European trader. With the Japanese tie-up, the company is aiming to supply flake graphite to the largest processor and manufacturer of graphite anode material for lithium-ion batteries in Japan. The phased approach should make it easier for NextSource’s graphite to be absorbed into the market and, additionally, provide production-run material to the highly demanding lithium-ion battery anode market for testing and verification.

Meanwhile, there are other graphite developments going on in Madagascar. These include Bass Metals which commissioned its 6ktpy plant in 2018, and is planning an expansion to 20ktpy. Tirupati Graphite Group of India, in partnership with Optiva Securities, commissioned a new 3ktpy plant earlier this year. Tirupati is also planning to open a second 18ktpy processing facility in the second half of 2020. Etablissements Gallois (Madagraphite) is a well-established producer in Madagascar, although with varying production levels. The company is also now reported to be expanding operations at two of its mine sites to 50ktpy and 100ktpy – which will be a significant jump from its current estimated level of 10ktpy.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 23 2019, 01:17 PM
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Interesting comments from the Vidalia citizens group regarding power supply
QUOTE
The special meeting last night was quite spirited. Three alderman were unable to attend the meeting, therefore A quorum was not formed, and no action (vote) could be taken.

We learned that the city wants to take a 30 year loan for 10 million dollars to provide a new substation for the industrial complex, and 60 acres of land to be donated to the port commission to lease to future businesses.

We were told that when Vidalia Denim comes online, the town will be maxed out on the electric load. What will happen once we are maxed out? Rolling blackouts. Industrial users will be cut off first, then commercial businesses, then residents. The substation will cost 6-7 million dollars. It will take 2 years to build. When asked how this 30 year note will be paid, the answer was utility revenues from industrial users. Please remember that Vidalia holds a 10% stake in a 123 million dollar power plant in Morgan City, Louisiana. This is what we are talking about when we reference Unit One. That loan payment (which fluctuates, but averages 85 thousand a month) is factored into your utility bills. This group is not against a substation, but does not want to see citizens raked over the coals for the cost of a substation to service industrial users, much less another 3 million for land that will be donated to the Port Commission. The PC will lease the land, and reap the benefit of those profits, since they are a separate political entity than Vidalia.

If the substation takes 2 years to build, and Vidalia Denim will max us out when they begin operating, how can Syrah even begin operating? Are you telling us the city has courted industry while being unable to provide the basic need of electric to these plants? If they are the first to be cut off when the load is maxed out, how can we depend on their electric revenues to pay for a 30 year loan payment?? Why isn’t the city looking into solar farms? Wouldn’t that be cheaper and quicker to build? We want to appreciate the Port Commission, Utility Department, Bill Murray, and alderman Tron McCoy for their wonderful attitude and calm reserve during this special “meeting” last night. It is possible to disagree and still remain respectful and kind to each other. We need more of that in the world!

https://www.facebook.com/saveconcordiaparish/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 21 2019, 03:18 PM
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In Reply To: blacksheep's post @ Oct 8 2019, 02:04 PM

Another Credit Suisse target downgrade - this time $1.30, but still with an OUTPERFORM . One would have to acknowledge Viceroy Research with their 70c back in 2016 (when CS had $7 target) at least got closer to the pin with their 70c. CS hasn't hit one of their lofty targets The SP is currently down 13.64% @ 38 cents

QUOTE
Credit Suisse has slashed its price target on Syrah Resources by 43.5 per cent, with a fall in graphite prices taking their toll.

[u][b]The broker maintained its 'outperform' recommendation, with its cut price target of $1.30 is still at a 195.5 per cent premium to its Friday closing price of 44¢.

Syrah reported a weak first quarter, with price realisation of $US391 a tonne materially below Credit Suisse's estimate of $597 a tonne.

As previously advised, Syrah will cut December quarter production to 5,000 tonnes a month from 15,000 tonnes a month, seeking to restore balance to the market and have its superior quality product recognised and paid for," said analyst Michael Slifirski.

"Whether this strategy tightens the market and allows price to increase, or simply allows an alternate producer to take Syrah’s market share is yet to be seen."

Despite a bullish price target, Mr Slifirski appeared concerned by the company's trajectory.

"Syrah is in an increasingly perilous position, with the shackles of the corporate note adding potential medium-term pain for the short-term needed liquidity," he said.

"The business is cash consuming and, if price does not increase materially, will remain similarly cash consuming in 2020, despite the planned 20 per cent reduction to the cost base."


Another beating the SYR drum is Regal Funds Managements Portfolio Manager, Julian Babarczy with the below. Note - both CS & RFM are of course SYR substantial holders and no doubt anxious to see SYR outperform.

QUOTE
Julian Babarczy, Portfolio Manager, Regal Funds Management

High quality, world class assets are always the safest way for investors to play commodity markets. Below we discuss two key stock exposures that we believe are both world class in scale and quality, while also highly strategic.

The first is Syrah Resources (SYR). It’s fair to say that Syrah has been a victim of its own success, suffering from its overly ambitious aim of bringing in a dominant proportion of battery grade graphite production (prior to the recent reduction in its production, its Balama mine represented the single largest graphite mine on the planet). Unfortunately for Syrah, the Balama mine is predominantly a finer flake size, which is ideal for the high growth battery markets, but these markets are dominated by Chinese domestic production. To date, China has been able to meet existing demand from domestic sources, but as demand continues to rise exponentially, there will be an obvious limit to how much these domestic mines can expand and still maintain the high quality that is required. This is where the strategic nature of the Balama orebody will demonstrates itself. If recent attempts by Syrah to rebalance the market are successful, the graphite markets could tighten up quicker than most analysts believe, which should lead to a big re-rating in Syrah’s shares.

https://www.livewiremarkets.com/wires/the-a...inerals-rebound

Back on terra firma, SYR is continuing to hog the #1 position on Shortmans Top 100 with 17.33% of stock shorted - maybe even by CS & RFM ? One wonders how much lower shorters are prepared to go with this and whether SYR looks attractive to an acquirer at these prices?
https://www.shortman.com.au/stock?q=SYR
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: JasNat  
 
blacksheep
post Posted: Oct 8 2019, 02:04 PM
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extract from - Best Stocks for 2019: This Just Wasn’t the Year for Syrah
SYAAF was not the Best Stock for 2019

By Eric Fry, Editor, Fry's Investment Report Oct 1, 2019, 12:54 pm EDT
QUOTE
The Bottom Line for SYAAF Stock
At present, Syrah has just $60 million of cash on hand, which may be enough to see it through another year or two.

But Syrah is definitely flirting with extinction… and it will be very difficult for the company to survive without a meaningful uptick in graphite prices.

I would guess that Syrah will pull out all the stops to buy itself more time. In other words, it probably will not only cut production, but also attempt to do some sort of equity raise, even at its very low share price, in order to acquire enough cash to survive this cycle of low graphite prices.

As I stated three months ago, this company is still “capable of achieving great success… or failure.”

2019 will not be its year — that much is clear. But Syrah will survive this year, and it will also likely survive 2020, even if the graphite price fails to recover. If we do not see a meaningful recovery in graphite prices by this time next year, this company will be in serious trouble. But if graphite prices can recover, Syrah could experience a strong turnaround in the years ahead.

Only time will tell. I’m not counting this company out yet.


read more - https://investorplace.com/2019/10/best-stoc...year-for-syrah/

Should another CR be imminent, I should imagine a press release re BAM construction/commissioning status will precede - something that is not far off, according to recent ann

QUOTE
Vidalia Battery Anode Material facility construction nearing completion and commissioning underway.


No doubt the market is also expecting a CR - hence the short positions
QUOTE
1 GXY GALAXY RESOURCES ORDINARY 16.73% 0.85
2 SYR SYRAH RESOURCES ORDINARY 16.35% 0.18

https://www.shortman.com.au/top


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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: JasNat  
 
 


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