Australia's Syrah Resources hits 1-month high on securing US tax credit

Syrah Resources

13/01/2025 01:28

** Shares of Syrah Resources  SYR.AX  rise as much as 17.8%
to A$0.265, hitting their highest levels since Dec 11
    ** Stock set for strongest trading session since early
December, if current trend holds
    ** Co's unit Syrah Technologies awarded a tax credit of
around $165 mln by the U.S. Internal Revenue Service
    ** Tax credit comes at a time when the miner has declared
force majeure at its Balama graphite project in Mozambique in
late Dec., which also led co to default on its U.S.-backed loans
    ** Stock up 20.7% YTD, as of last close
    
    

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))