Australian graphite companies rise on China's export ban to US

Renascor Resources

04/12/2024 01:26

** Shares of graphite and battery anode company Syrah Resources
 SYR.AX  rise as much as 18.2% to A$0.260, their biggest
intraday gain since Oct. 25
    ** Graphite producer Renascor Resources  RNU.AX  also rises
as much as 6.6%  
** Chinese Commerce Ministry directive on dual-use items
requires stricter review of end-usage for graphite items shipped
to the U.S.
    ** China also banned exports to the U.S. of critical
minerals gallium, germanium and antimony that have widespread
military applications
    ** Renascor operates the Siviour battery anode materials
project in South Australia, while Syrah has its flagship Balama
graphite operations in Mozambique
    ** RNU down 53.1% and SYR down 65.2% YTD, respectively, as
of last close 

(Reporting by Himanshi Akhand in Bengaluru)
((mailto:Himanshi.Akhand@thomsonreuters.com;))