Syrah Resources (ASX:SYR) to restart production at Balama in Mozambique

22FebFebruary 22, 2021

Syrah Resources (ASX:SYR) to restart production at Balama in Mozambique

Syrah Resources (ASX:SYR) is to restart production at the Balama Graphite Operation in Mozambique.

Production was temporarily suspended in March 2020 due to impacts of Covid-19, specifically: travel restrictions, limiting the mobility of the Balama workforce.

Also the prediction of weak end user demand and economic uncertainty negatively impacting electric vehicle sales.

Syrah will now progress the recruitment of labour required to restart operations at Balama, with first production expected within 2 to 3 months.

Shares in Syrah Resources (ASX:SYR) are trading 5.22 per cent higher at $1.21.

Copyright 2021 – Finance News Network

Source: Finance News Network

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