Join our daily newsletter At The Bell to receive exclusive market insights
- Syrah Resources (SYR) suspends movement in one of its transport routes from its Balama project in Mozambique, after reports of insurgent attacks occurring nearby
- The move comes as a safety precaution, with one of the conflicts occurring at a mine project site
- The incidents are only 30 and 40 kilometres away from the N1 road, which SYR uses as a primary transport route between Balama and Nacala and Pemba
- However, Syrah’s mining and processing operations have not been impacted, with the attacks occurring about 200 kilometres away from the project
- Shares dropped 14.7 per cent to $1.31 each at 11:08 am AEST
Syrah Resources (SYR) has suspended movement in one of its transport routes from its Balama project in Mozambique, after reports of insurgent attacks occurring nearby.
The move was made as a safety precaution, with one of the conflicts occurring at a mine project site.
The incidents were only 30 and 40 kilometres away from the N1 road, which SYR uses as a primary transport route between Balama and Nacala and Pemba.
However, Syrah’s mining and processing operations have not been impacted, with the attacks occurring about 200 kilometres away from the project.
The company said its main focus is the safety of its employees and contractors.
It is in contact with the government, security authorities and other stakeholders to determine when it can safely resume transport operations.
Shares dropped 14.7 per cent today to $1.31 each at 11:08 am AEST.
-1200x645-380x200.jpg)
