Australia's Syrah Resources climbs to over 2-month high on offtake deal

Posco Future M

01/03/2024 24:12

** Shares of Syrah Resources  SYR.AX  rise as much as 13.9%
to A$0.695, their highest since Dec 20, 2023
    ** The graphite producer says it has signed an offtake
agreement with South Korea's Posco Future M  003670.KS  
    ** Under the agreement, Syrah will supply natural graphite
product from its Balama graphite operations in Mozambique to the
South Korean chemical and battery material maker 
    ** Stock posts its biggest intraday pct gain since Feb 9
    ** SYR on track to end ~16% higher this week
    ** Stock down ~5% YTD

    

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))