- Natural graphite developer Syrah Resources (SYR) has entered a trading halt ahead of a capital raise
- Syrah is aiming to become a global producer of active anode material (AAM) from natural graphite
- Last week, Syrah’s bankable feasibility study confirmed its battery anode facility could produce 10,000 tonnes per annum of active anode material
- The facility is located in Louisiana and can increase production by expanding the existing plant and infrastructure within the 25-acre site
- It’s not yet known how much Syrah will raise or what the money will be used for, but it may support the development of the battery anode facility
- Syrah last traded at $1.02 on Tuesday, December 8
Syrah Resources (SYR) has entered a trading halt ahead of a proposed capital raise.
The company will remain in a trading halt until the commencement of trading on Friday, December 11, unless it announces the raise’s details earlier.
Syrah is aiming to become a global producer of active anode material (AAM) from natural graphite.
The ASX-lister has its own battery anode facility which is located in Louisiana. From here, it is preparing to produce 5000 metric tonnes of unpurified spherical graphite and 200 tonnes of purified spherical graphite per year.
However, a recently completed bankable feasibility study (BFS) has confirmed the facility can produce 10,000 tonnes per annum by expanding the existing plant and infrastructure within the 25-acre site.
The BFS also outlined the potential for a 40,000-tonnes-per-annum AAM production scenario once the initial expansion has been put into place.
Syrah has also begun a front end engineering and design (FEED) study for the initial 10,000-tonne-per-annum AAM facility and a detailed design will follow.
While it isn’t yet certain how much Syrah Resources will raise or what the money will be used for, it is likely to support the development of the battery anode facility.
Syrah last traded at $1.02 on Tuesday, December 8.