Australia's Syrah Resources rises as Tesla withdraws termination notice on graphite deal

Syrah Resources

01/06/2026 02:50

Updates with analyst comments in bullet 4

    ** Shares of Australia's Syrah Resources SYR.AX rise as much as 41.4% to A$0.140, set for their best day since October 23, 2023, if gains hold
  
** The miner says Tesla TSLA.O had withdrawn notice of intent to terminate graphite supply deal, ending months of negotiations that saw the two companies extend a resolution deadline four times
** Syrah aimed to supply 8,000 metric tons of graphite anode materials to electric vehicle maker Tesla over four-year period from its Vidalia plant in the U.S. state of Louisiana under 2021 contract
** The day's move is positive off a very low base and volumes are very high as expected but volatility can be expected to continue in the short term as some traders exit the stock, said Craig Sidney, a senior investment adviser at Shaw and Partners
** Stock hit its highest level since April 23
** Stock down nearly 60% this year, including the day's move


 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com))