Syrah MD jumps ship

PERTH (miningweekly.com) – The MD of graphite developer Syrah Resources, Tolga Kumova, has tendered his resignation, effective immediately.

Kumova has also resigned as a director of the company; however, he will stay on in an advisory role, focused on business development opportunities for the battery anode market.

The company has started a formal search process to identify a potential new MD, and is hoping to complete this within the coming months.

Syrah told shareholders on Wednesday that Kumova’s resignation and the start of a search for a new MD was part of a transition for the company, reflecting the evolving strategic direction of Syrah and the key development activities currently being undertaken.

Until a new MD is appointed, chairperson Jim Askew will assume the position of executive chairperson in a part-time capacity, supported by the executive management team.

A 2015 feasibility study estimated that the Balama project, in Mozambique, will require capital investment of about $138-million to deliver a 380 000 t/y operation. During the first ten years of operation, the mine will produce at an average rate of 365 000 t/y graphite concentrate and deliver a free cash flow of $160-million a year.