SYR 4.00% 48.0¢ syrah resources limited

News: SYR Syrah Resources To Undertake Labour Restructure That Will Reduce Balama Headcount By 65%

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    July 23 (Reuters) - Syrah Resources Ltd (SYR) :

    • SYRAH RESOURCES- NATURAL GRAPHITE SALES FROM BALAMA DURING QUARTER WAS 9KT VERSUS 7KT IN PRIOR QUARTER
    • SYRAH RESOURCES LTD- NO NATURAL GRAPHITE PRODUCTION AT BALAMA DURING Q2 DUE TO ONGOING IMPACTS OF COVID 19
    • SYRAH RESOURCES- LABOUR RESTRUCTURE AT BALAMA (65% HEADCOUNT REDUCTION) AND OTHER ACTIONS BEING IMPLEMENTED TO FURTHER PRESERVE CASH
    • SYRAH RESOURCES LTD - OPERATIONAL REVIEW IDENTIFIED FURTHER ACTIONS TO PRESERVE CASH & MAINTAIN OPERATIONAL CAPABILITY TO RESTART PRODUCTION
    • SYRAH RESOURCES-TO UNDERTAKE LABOUR RESTRUCTURE THAT WILL REDUCE BALAMA HEADCOUNT BY 65% DURING PERIOD OF SUSPENDED PRODUCTION
    • SYRAH RESOURCES- 220 ROLES WILL BE RETAINED AT BALAMA
    • SYRAH RESOURCES- COST REDUCTION MEASURES EXPECTED TO REDUCE BALAMA CASH OUTFLOWS TO US$7M PER QUARTER
    • SYRAH RESOURCES LTD - LEAD TIME TO RESTART PRODUCTION AT BALAMA POST IMPLEMENTATION OF LABOUR RESTRUCTURE EXPECTED TO BE 2-3 MONTHS
    • SYRAH RESOURCES- IMMEDIATE-TERM MARKET CONDITIONS REMAIN WEAK AND TIMING OF RE-COMMENCEMENT OF PRODUCTION AT BALAMA IS UNCERTAIN
 
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