Looking back a UBS report on Syrah, to clear up misinformation on this board:'Sales agreement with BTR is binding for 30K tones a year first year. Also some joint work in the future on Spherical when the plant is up and working.
"Syrah Resources' long-awaited binding sales agreement with BTR New Energy Materials is "strategically important." for the graphite products supplier, UBS analyst Glyn Lawcock wrote in a research note to clients today.Under the deal, Syrah will supply 30,000 tonnes of graphite from its Balama operation to BTR New Energy. The supply deal covers the first year of production from the Balama operation."It represents the first binding agreement for Syrah with a battery anode manufacturer, as the other three contracts were for industrial applications," Lawcock said.While market sources have suggested the broader agreement with BTR was supposed to include logistics and processing/downstream collaboration, Lawcock notes BTR is the world's largest battery anode manufacturer "suggesting the offtake could grow in volume terms....and there could be opportunities for collaboration or partnering in downstream opportunities such as the Battery Anode Material project in Louisiana."Lawcock reckons the next catalyst will be signing of a debt facility. Syrah had $US101 million at June 30, 2017 of which 75 per cent was committed to project completion and working capital, and the remaining 25 per cent for general corporate purposes.Syrah shares posted their biggest intra-day percentage gain since December la
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