Syrah Resources' Balama graphite resource hits one billion tonnes
Syrah Resources (ASX: SYR) has delivered an big lift in graphite resource at the company's Balama Graphite Project in Mozambique, which now contains 117 million tonnes of graphite - which exceeds the rest of the world’s reserves of graphite as calculated by the USGS.
The contained graphite of the Balama Project is 117 million tonnes, and 2.7 million tonnes of vanadium. Syrah now aims to make the project the lowest cost and largest producer of graphite in the world, which includes China. Scoping Study results for Balama West are expected in June 2013.
Balama now hosts an Inferred Resource, which includes Balama West and Balama East, of 1.15 billion tonnes at 10.2% Total Graphitic Carbon (TGC) and 0.23% V2O5.
Syrah aims for Balama to be the lowest cost and largest producer of graphite in the world, which includes China, and to have a very high grade and quality product for the expanding graphite market.
Another plus for Syrah is that Balama is also considered one of the larger vanadium deposits globally with contained vanadium in resources of 2.6 million tonnes, which is six times the size of Rhovan, the world’s largest operating vanadium deposit.
Syrah said that based on the size of the deposit and the product mix achieved from metallurgical testwork, the company believes that Balama could meet demand requirements across all natural graphite flake ranges (jumbo to amorphous) for several generations.
The key milestone newsflow will continue in the near-term, with Scoping Study results for Balama West are expected in June 2013. Drilling is also underway to upgrade the confidence category to Indicated.
With Syrah now surpassing one billion tonnes of graphite resource at Balama, the company has further enhanced the project as hosting the largest graphite resource in the world.
The Scoping Study for Balama West in due in June 2013, with these results having the potential to provide a re-rating in the share price depending on the outcome of the OPEX and CAPEX.
With Syrah aiming to be the lowest cost and largest producer of graphite in the world, Proactive Investors considers the recent re-tracement in the share price to provide an opportunity for investors to gain, or increase exposure to the stock, with our near-term price target $2.20.
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