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SYR, SYRAH RESOURCES LIMITED
blacksheep
post Posted: Dec 6 2019, 02:30 PM
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In Reply To: blacksheep's post @ Nov 27 2019, 07:00 PM

Had to chuckle- SYR is used as an example in this article to "promote" another graphite stock - "a little dynamo" - Comet Resources (ASX:CRL) trading at 2.2c
Institutional investors see buying opportunities in graphite sector
By Trevor Hoey. Published at Dec 6, 2019
Credit Suisse has recently made a move, having taken a 5.2% stake in Syrah Resources as advised on November 22, 2019.
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If the author looked a little deeper into the CS "move" on SYR he would realise the reason CS holding went to 5.23% was as explained below. CS has been doing this for yonks - nothing new. Just goes to show how seriously one should take these kind of articles rolleyes.gif

QUOTE
This afternoon's ann shows CS became a substantial holder again on 22/11/19 - largely by virtue of a couple of large borrows. Parties to the Lending Agreement - Credit Suisse Securities (Europe) Limited and
Regal Australian Equity Fund. Transfer date 22-Nov-2019


QUOTE
Credit Suisse Securities
(Europe) Limited 22-Nov-19 Refer to Annexure F of Notice
Stock borrowed under Master prime brokerage agreement
1,025,000 Common Stock

Credit Suisse Securities
(Europe) Limited 22-Nov-19 Refer to Annexure F of Notice
Stock borrowed under OSLA
1,879,000 Common Stock


UBS comments in AFR (include SYR). UBS is another insto who has been shorting SYR
"The lithium and graphite producers Orocobre, Galaxy and Syrah are “too hard” on account of falling commodity prices according to lead resources analyst Glyn Lawcock."



--------------------
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: Dec 3 2019, 11:44 AM
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In Reply To: blacksheep's post @ Nov 27 2019, 07:00 PM

AustralianSuper stares down shorts on Syrah
QUOTE
Australia's biggest superannuation fund says the investment thesis that attracted it to Australia's most shorted stock remains intact, in a major vote of confidence for struggling graphite producer Syrah Resources.

Syrah shares have fallen by 94 per cent since June 2016 and its ability to outlast rival graphite producers through this year's downturn is largely due to support from AustralianSuper, which owns 16.5 per cent of the company and has acted as its underwriter and lender.

https://www.afr.com/companies/mining/austra...20191126-p53ed4

A bit risky for a Super company, IMHO, but other large super funds are moving into this area as the big banks appear to be retreating. Hopefully it works out.for the Super Funds and their members

QUOTE
It was the first time AustralianSuper had issued a convertible note to a listed company


Portfolio Manager for Australian Super is Luke Smith - formerly of Canaccord Genuity. Smith was very pro SYR back in the days he was with of Canaccord Genuity. Along with Credit Suisse tCannacord gave some lofty SP targets. Canaccord Genuity, if I recall rightly, took part in an early CR's back in 2013 - Credit Suisse was the lead broker in that raise. Some of his early musings - https://www.livewiremarkets.com/contributors/luke-smith. The Asmet MOU of course never materialised .

As suspected, Australian Super has been doing some pretty serious averaging down

QUOTE
While it paid as much as $6.54 for Syrah shares in 2016, Bloomberg data suggests AustralianSuper's stake in Syrah was bought at an average price of 73¢. Syrah was fetching 35¢ on Monday.


Luke Smiths comments in AFR seem to have stirred up some interest in SYR - on a pretty bad day all round on the stock market SYR is up 4.93%
Total short positions are down - as at 26/11/19 15.60%
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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: Nov 27 2019, 07:00 PM
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In Reply To: blacksheep's post @ Nov 15 2019, 12:03 PM

QUOTE
Posted Nov 15 2019, 01:03 PM
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


Credit Suisse ceased to be a substantial holder a couple of days later - 14/11/19.

This afternoon's ann shows CS became a substantial holder again on 22/11/19 - largely by virtue of a couple of large borrows. Parties to the Lending Agreement - Credit Suisse Securities (Europe) Limited and
Regal Australian Equity Fund. Transfer date 22-Nov-2019
https://www.asx.com.au/asxpdf/20191127/pdf/...0m3mzwgdfl0.pdf

Back in May 2017, after the Viceroy report, Shaun Verner ,CEO SYR, contact the regulators about short selling in SYR - his main concern was what Viceroy had published but he also made these comments to AFR

QUOTE
"Short selling is not possible in many other jurisdictions, it is not as if it is something that is supported right across all other open markets, so if we are going to allow it, we as a country or as a market do need to understand what structures we are prepared to accept around it," said Mr Verner.

The Syrah boss stressed he was not campaigning against short selling, and said the best way his company could respond would be to achieve its goals, including its aim to begin producing from its Balama graphite project in Mozambique this year.

https://www.afr.com/companies/mining/syrah-...20170523-gwbaf5

SYR may not have been in a position to do much about Viceroy and their short & distort activities, but Credit Suisse is SYR's house broker, who has raised circa $800 capital, has received double digit million of dollars in commission from those cap raises, and has published numerous glowing research reports on behalf of SYR. I doubt Viceroy had the financial clout to borrow anywhere near the amount of shares that Credit Suisse has - and let's not forget that back in August 2018 Credit Suisse Equities (australia) Limited and Kitara Investments Pty Ltd entered into a Lending Agreement - Kitara is the private company of former SYR CEO Tolga Kumova. Surely Verner is concerned about this also?











--------------------
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 26 2019, 09:27 PM
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In Reply To: blacksheep's post @ Nov 26 2019, 08:15 PM

Appears changes in index house MSCI's country indexes has sparked some heavy trades at end of the market to reflect changes to the MSCI Australia Small Cap Index. SYR have been deleted

Geneva, November 07, 2019
MSCI GLOBAL SMALL CAP INDEXES
The following are changes in constituents for the MSCI Global Small Cap Indexes
which will take place as of the close of November 26, 2019.

MSCI AUSTRALIA INDEX
Additions
AUSTAL
AVITA MEDICAL
BANK OF QUEENSLAND
CENTURIA METROPOLITAN
ECOFIBRE
EML PAYMENTS
IMF BENTHAM
INGENIA COMMUNITIES GRP
ISIGNTHIS
PERSEUS MINING
POLYNOVO
RAMELIUS RESOURCES

Deletions
OFX GROUP
SPEEDCAST INTERNATIONAL
SYRAH RESOURCES
WAGNERS HOLDING CO
WISETECH GLOBAL

https://app2.msci.com/eqb/gimi/smallcap/MSC...CPublicList.pdf



--------------------
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 26 2019, 08:15 PM
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Posts: 6,791
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In Reply To: blacksheep's post @ Nov 26 2019, 07:34 PM

Unusual high volume after market close - 12 mil

QUOTE
4:10:53 pm 4:36:40 pm 37.5 12,045,297 1.5 $4,516,986 151

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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 26 2019, 07:34 PM
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Posts: 6,791
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In Reply To: blacksheep's post @ Nov 15 2019, 12:03 PM

AFR are reporting "The corporate regulator is examining one of Australia's top hedge funds, Regal Funds Management, enquiring about its trading "in certain securities""
https://www.afr.com/markets/equity-markets/...20191126-p53e7e

Seems there is an ongoing legal case in the Federal Court of Australia - RNB Equities Pty Ltd v Credit Suisse Investment Services (Australia) Limited (No 2) [2019] FCA 1385.- in which CS is the 1st Respondent and Regal Funds management 2nd respondent in what appears to be trading in SYR back in 2013
https://www.judgments.fedcourt.gov.au/judgm...019/2019fca1385

Back in 2015 there was a report that Regal Funds were being investigated about trading activities in certain securities . At the time I had a look into trading activities/share plunge in SYR and posted this on HC
QUOTE
Had a look back at SYR's sp activity back in 2013 to see if this Regal issue had anything to do with SYR, and I'm certainly not saying it does, but there was a bit of a "plunge" early in April 2013. In fact, SYR received a "please explain" from ASX on the 3/4/13 when the sp went from $2.56 - 2.18 on "increased volumes".

If you look at the short positions on the 4/4/2013 they jumped from 297k on 3/4 to 6.1m and then 7.1m on 5/4, back down to 3.3m on 8/4 and 758k on 9/4.

BoA became a subholder on 22/3/2013 and RFM's Tasman + Atlantic Funds included as parties, but not the Long Short Fund which is the Fund, apparently, that is at the centre of this investigation (see appendix) http://www.asx.com.au/asxpdf/20130322/pdf/42dvdnz49jj0fp.pdf

This was happening around the same time as the Credit Suisse mini warrants were issued. At the time, there was quite a bit of discussion on this thread re both the mini's and the plunge in the sp. I remember Lute's post --->>> 11673895 wherein he mentioned......

"It was suggested that the shorting of the respective stock was to trigger the mini warrant stop loss to force selling into the market.

This then enabled the shares to be purchased by a larger player at a steeper discount than the current market price at the time.

The resultant action, together at time with uncertainty in the resource sector has contributed to Syrah's share price to fall from $2.75 to $1.75."

A similar "issue" with mini's occurred with ATU, and at the time ATU lodged a formal complaint to ASIC and ASX.

The other large spike/plunge shown on the chart below in July/Aug/Sept 2014 was mainly as a result of the Glencore rumour, followed by the Paul Kehoe sale at the end of November

It will be interesting to see if this has anything to with what is being investigated, or whether it is something entirely different that occurred with another stock. I guess all will be revealed at some time in the not too distant future. Certainly good to see ASIC getting on top of issues such as this.
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A later report suggested Regal Funds and Bell Potter were investigated, and issued enforceable undertakings, in relation to their trading activities in TEN - also in 2013. This latest Federal Court document seems to suggest there maybe more than the TEN trading under investigation.




--------------------
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: Nov 15 2019, 12:03 PM
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Posts: 6,791
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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
 
 


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