SRHYY - Syrah Resources breaks production record says U.S. anode plant on track

2023-03-30 10:19:17 ET

Syrah Resources ( OTCPK:SYAAF ) said Thursday it achieved record graphite production in 2022 and its Vidalia active anode material plant in Louisiana is on course for completion by this year's Q3.

Syrah ( OTCPK:SYAAF ) said graphite production more than doubled to 163K metric tons in 2022 from 72K tons in the previous year, at a weighted average price of $661/ton for the year, as improved recoveries and stable grades offset the impact of 41 days of strikes at the Balama mine in Mozambique during September and October.

The increased production pushed Syrah's ( OTCPK:SYAAF ) revenues to $106.2M in 2022 from $29M in 2021, but soaring costs, mainly from mining inflation and logistics, only helped narrow the company's full-year net loss to $26.8M from $56.9M a year earlier.

The company said the 11,250 metric tons/year Vidalia graphite anode plant is on schedule , with 99% of engineering works completed by the end of 2022.

Tesla is looking to buy 8K tons/year of graphite from Syrah's ( OTCPK:SYAAF ) Vidalia plant starting in 2025, Joseph L. Shaefer noted in an analysis published earlier this year on Seeking Alpha .

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